Hii Frnds
I reuire home loan of RS 10 lac.I file nil return of last 3 years.What is the requirement for home loan ???Is it necessary to pay tax??
Plz suggest ...
10 Replies
CA Shruti Gupta
(CMA FINAL CS Final)
(1434 Points)
Replied 24 June 2013
NO Supriya ...there is no mandatry requirment to pay tax ...you have to fill itr...some of banks demands itr of last 3 years.....
Rajat Poddar
(Qualified CS and CA Finalist)
(3355 Points)
Replied 24 June 2013
filing of income tax return for the last 3 yrs is neccessary ..paying tax depends on the amount of loan u want.. in ur case its 10 lacs .. i dont think that would b mandatory...u can get rs. 10 lacs loan on nil return..
(Guest)
There are no specific criteria. Everything depends on the perception of the bank manager and your financial statements. For example, if you are presently having one loan outstanding, NIL return may create problem. Also your past repayment records, your source of income etc. are taken into account.
Ashfaq Basha
(Manager-Finance & Taxation)
(61 Points)
Replied 25 June 2013
For obtaining Home loan, ITR is not an end in itself. It is one of the document among many.
Ur take home salary, Loan O/s with the other financial institution etc., based on proposal u applied for and strucure of payment will also be taken into a/c.
advance congrats for ur loan..
CA Amit Gopani
(CA Practice)
(38 Points)
Replied 25 June 2013
FILLING NIL RETURN IS NOT PROBLEM FOR GETTING LOAN , ITS ALL DEPEND ON YOUR FINANCIAL CONDITION , STATUS AND TRANSACTION, IT ALSO DEPEND ON THE MANAGER VIEW HOW IS DESCRIBE YOUR FINACIAL STABILITY.
Paresh Dholu
(Chartered Accountants)
(393 Points)
Replied 25 June 2013
I agree with Amit Gopani.......
CA Himanshu Awasthi
(Manager (Advances))
(520 Points)
Replied 25 June 2013
U can apply to banks...there is no mandatory requirement as to payment of taxes..your income must be sufficient enought to service the loan.. in case any further help is needed pls feel free to contact at hawasthi @ unionbankofindia.com
CA Gaurav Mittal
(Partner)
(1230 Points)
Replied 25 June 2013
Nopes, dere is very remote possibility of you getting the Loan. Bank while giving you Loan need the assurance that u can actually service the interest amount and principal amount each year after necessary deduction. I.e. Bank usually give Loan upto 60% of your salary amount. You can take Loan on a joint name. That would be better. However if u havnt filed your return things could ve been done.
Gourav Lath
(2 Points)
Replied 29 November 2017
if anyone is not filing income tax return will they get home loan.
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