My uncle is a small business man his income is around 1.8 lacs p a, and he has filed income tax return for py 10-11 and 11-12 respectively. Now he is willing to construct a house for that he wants to avall loan from bank. CAN HE GET THE LOAN FROM AND IF YES WHAT ARE THE DOCUMENTS HE IS REQUIRED.
2 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 24 March 2013
Since he is self-employed, the bank will require the following for credit assessment
1) ID proof
2) Address proof
3) Photo proof
4) IT returns for the past 3 years
5) May even ask for 1 year bank statement
6) And a certificate from a CA attesting the above.
Accordingly, the bank will determine the amount of loan he is qualified for.
Ganeshbabu K
(Audit and Tax Advisory)
(48564 Points)
Replied 24 March 2013
Yes bank may ask for 3 years incometax returns
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