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Housing loan requirement

23 November 2022

One of my client is on verge going for loan, as the banker is seeking for income tax returns of last two financial years . Requirement of loan is of 2000000 as such . So my query is what could be relevant amount can I disclose for such loan requirement .Please guide me through this

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Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 24 November 2022

Housing loan never processed based on only income tax returns. So even if you disclosed Rs.1 crore as turnover/salary in your income tax return and your Form 26AS or your bank statement doesn't support what is mentioned in your income tax return, bankers would ask you follow up question as to document in support of your income.

Tax return is something we self declare and shall always be supported by underlying documents whether or not asked by tax authority. It is easy to declare any income in your ITR but if you wish to get your loan sanctioned, you must need to produce some sort of solid evidence like credit entry in bank statement, form 26AS and so.

Regards,

Manoj