Loan Eligibility check helps you understand your borrowing capacity and can make the loan application process smoother. Here are the highlighted points which you can get clear picture before the loan process.
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1. Loan Amount: Know the exact loan amount for which you are pre-approved. This helps you determine your budget when shopping for a car or making a significant purchase.
2. Budget Responsibly: After receiving pre-approval, create a budget that considers not only the monthly loan payment but also other associated costs related to the purchase or use of the loan proceeds.
3. Down Payment to be arranged:If your loan requires a down payment, understand the amount and whether it meets your financial capacity.
4. Required documents for loan process: Be prepared to submit documents such as pay slips, tax returns, bank statements, and proof of other assets. These documents help the lender verify your financial information.
5. Loan tenure : Before processing home loan knowing the loan tenure loan can give a way to plan our financial goals or future financial commitments without hassle-free.
By following these tips, you can get clear picture on Home Loan Eligibility check (based on Income).
REQUIRED DOCUMENTS FOR LOAN ELIGIBILITY CHECK
- LAST 3 MONTHS PAY SLIP
- LAST 6 MONTHS BANK STATEMENT FOR SALARIED APPLICANT
- LAST 2 YEAR FORM16 WITH PART-A & PART-B
- EMPLOYEE ID CARD
- PAN CARD
- AADHAR CARD
- CURRENT ADDRESS PROOF AADHAR / VOTER ID/ PASSPORT/ HR LETTER / DRIVING LICENSE / LATEST GAS BILL
- THREE PASSPORT SIZE PHOTO
- PRESENT COMPANY OFFER LETTER & PREVIOUS COMPANY RELIEVING LETTER (IF 2 YEARS NOT COMPLETED IN PRESENT COMPANY)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
- LAST 3 MONTHS PAY SLIP
- LAST 6 MONTHS BANK STATEMENT FOR SALARY CREDIT
- LAST 2 YEARS W2/TAX PAID CERTIFICATE AS PER THE FOREIGN COUNTRIES
- EMPLOYEE ID CARD
- CURRENT ADDRESS PROOF DRIVING LICENSE / LATEST UTILITY BILLS IN ABROAD
- COPY OF VALID WORK PERMIT
- EMPLOYMENT OFFER LETTER
- PASSPORT COPY WITH PAGE CONTAINING VISA STAMPING
- INDIAN PAN COPY
- AADHAR COPY / DRIVING LICENSE/ VOTER ID
- BRIEF WRITE-UP ON EMPLOYMENT PROFILE FOR THE LAST 10 YEARS(RESUME)
- CREDIT INFORMATION REPORT (CIR) FROM THE CONCERNED OVERSEAS CREDIT INFORMATION COMPANY
- PRESENT COMPANY OFFER LETTER AND PREVIOUS COMPANY RELIEVING LETTER (IF 2 YEARS NOT COMPLETED IN PRESENT COMPANY)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
- INDIVIDUALS IT RETURNS FOR LAST 3 YEARS WITH COMPUTATION OF INCOME
- AUDITED BALANCE SHEET,PROFIT&LOSS AND ASSET & LIABILITIES FOR LAST 3 YEARS (for Individuals)
- COPY OF CHALLANS EVIDENCING PAYMENT OF ADVANCE INCOME TAX
- BUSINESS ADDRESS PROOF
- GST REGISTRATION CERTIFICATE FOR COMPANY
- FORM 26AS FOR LAST 3 YEARS (for Individuals)
- BUSINESS PROFILE
- IT RETURNS OF COMPANY FOR LAST 3 YEARS
- CERTIFICATE OF PRACTISE (for Auditor and Doctor)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)