Reasons for Home Loan Lenders to ask for Bank Account Statement

1
Property Simplified
Home
About Us
Our Team
pdfcrowd.com
2
Reasons for Home Loan Lenders to ask for Bank
Account Statement
?November 14, 2016 ?Real Estate ?bank statement
for home loan, documents needed for home loan,
home loan bank statements, home loan documents
?Srishti Chandola
For approving a home loan, the lenders generally
ask the applicant to succumb a copy of their
statement if the bank accounts for a year from
six months. These are some important documents
from lenders perspective for defining
applicants eligibility for the home loan. Below
mentioned things are what the lenders look for in
any bank account statement. The Nature and Level
of Activity For a self-employed person, the
money lender asks for bank statement of the
account where the professional or business
income is credited. The bank statement will help
the lender in verifying the businesss activity
level such as receipts/sales and compare them
with the one that is declared in the income tax
returns or loan application form. This will also
help lenders to recognize high cash withdrawals
or deposits. A Huge deposit of cash in the
account will create problems unless the
businesss nature warrants such deposits. For
the salaried people, the bank statement enables
the lenders to verify the salary purported that
is to be shown in income tax return which is in
fact credited in the bank account. The salary,
pdfcrowd.com
3
in case, is credited every month and the amount
is somewhat similar, then the point is clear that
the salary is genuine. In case the salary amount
as it is shown on the income tax return is not
credited each month in the bank statement, it is
pretty sufficient for the lenders to view that
such credits are always suspicion. Outward and
Inward Cheque Returns The bank charges that are
debited for the bounced cheque or the ones
returned unpaid help the lender to know the
volume of returned cheque which is issued by you
or point towards your profile. The value and
volume of the cheque returned or deposited will
point to the customers profile, the strength of
his/her business and his/her financial
discipline. Inaccessible cases of the return of
cheque will definitely not impact your chances of
getting a home loan. The repeated cheque return
instances, however, could have an impact on your
chances of getting a loan as the lender will, of
course, avoid a person who issues the cheque
without making sure at there is adequate balance
is maintained in the bank account. The actuality
of any Loan that is Being Serviced From bank
statements, lenders can find out the being of any
loan(s) that are being serviced in case there
are identical amounts that are being dedicated at
regular intervals. The presence of any such type
of loan will help the lender in making any
decision in your eligibility amount of the loan.
Of course, any existing loan will reduce the
overall eligibility for the home loan. Debits
nature and Account Balance
pdfcrowd.com
4
The amount of balance in your bank account
reflects the financial health and the saving
habits of the property buyer. Continuous debts
in the mutual funds will show the financial
discipline as well as good saving habits. There
is this growing trend of making use of credit
cards or online/internet banking for making
payments for online purchases. The significance
of debit or credit card payments for making
online payments will help the potential lenders
to understand the spending pattern and habits.
This definitely will help the loan lenders in
understanding the loan eligibility in relation to
the income. Debits or higher payments in the
bank account are expected to reduce your overall
eligibility of loan.
? Is Internet the Best Way to Purchase Property
for NRIs?
Leave a Reply Your email address will not be
published. Required fields are marked Comment
pdfcrowd.com
5
Name Email Website Post Comment
Subscribe to our newsletter Want to be notified
when our article is published? Enter your email
address and name below to be the first to know.
pdfcrowd.com
6
Send
Name
Email
Facebook Favista Real Esta
Like Page
pdfcrowd.com
7
Twitter Timeline Tweets by _at_FavistaRealty
Recent Blogs Reasons for Home Loan Lenders to
ask for Bank Account Statement November 14, 2016
Is Internet the Best Way to Purchase Property for
NRIs? November 12, 2016 Rs 500 and 1000 Ban is a
long term Advantage for the Real Estate Market
November 11, 2016 Small Real Estate Builders to
be Hit by Currency Ban November 10, 2016 Always
Choose a Licensed Broker for Buying a Property
November 9, 2016
Favista is a Real Estate Advisory Firm based in
Gurgaon, India. Favista believes in making every
property transaction experience simple and
successful. The aim is to bring transparency,
professionalism and simplicity to the complex
world of real estate. Favista takes pride in
keeping the needs and concerns of the customers
in highest regards. Favista Real Estate has been
founded by IIT IIM/INSEAD alumni with
experience in strategy consulting, internet
marketing, venture capital having been part of
companies such as McKinsey, Capital One,
PartyGaming and SSG Capital. Favista is a full
service brokerage helping buyers/investors buy,
sell, rent or lease property in India. Favista
offers best realty advice for Apartments and
Flats for sale in India, land/plots for sale, New
Residential Commercial Projects in India and
also assists selling properties at best rates.
Favista.com is the only Property Site in
India that lists 100 verified properties.
Favista currently
pdfcrowd.com
8
operates in Gurgaon, Delhi-NCR, Noida, Mumbai and
Bangalore.Those intending to sell property in
India will also find this website very useful
owing to the extensive reach, high brand recall
and trustworthiness in the real estate space. In
order to make our customers happy and for us to
reach our goals, we follow the key tenets of
transparency and consistently maintain integrity
in everything that we do. With this professional
attitude, we are set to become your preferred
choice for all real estate services in India.
ABOUT
About Us Our Team Career Contact Us
Terms Privacy Policy Disclaimer Site Map
QUICK L INKS
Post Property FREE EMI Calculator Blogs Compare
Projects Download Mobile APP Sale Property Rent
Property
CONT ACT FAV IST A Toll Free - 1800 2121 000
(ALL INDIA) Gurgaon - 91-124-3378700 Noida -
91-120-4117463
Unit 235 to 240 2nd Floor, Vipul Trade
Center,Sohna Road Sector 48, Gurgaon, Haryana
122002.
Mumbai - 91-22-40142051
Email Sales - sales_at_favista.com
pdfcrowd.com
9
Email Enquiry - info_at_favista.com
1 Square meter 10.764 Square feet
Have More Questions? Do not hesitate to contact
us! Read our FAQ's or Leave a feedback for us to
contact you shortly.
2015 Favista Real Estate Pvt. Ltd., All Rights
Reserved.
pdfcrowd.com