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Why is ITR filing essential for a home loan ?

For a home loan, you must provide your ITR for the previous three years. It helps lender in determining if you have a reliable source of income and whether you can make regular payments of EMIs. <br><br>https://www.herohousingfinance.com/blog/knowledge-series-of-experts/why-filing-an-itr-is-important-for-a-home-loan

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Why is ITR filing essential for a home loan ?

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  1. Why is ITR filing essential for a home loan?

  2. For a home loan, you must provide your ITR for the previous three years. It helps lender in determining if you have a reliable source of income and whether you can make regular payments of EMIs. The other reasons are: • You may be eligible for a higher mortgage. • Required to disclose net worth. • Necessary for auditing

  3. Income Tax Returns and Form Types ITR 1 ITR 2 It is for people whose combined income from salaries, one piece of real estate, and pensions is less than 50 lakhs rupees. This form is for HUFs or individuals with a yearly income of more than INR 50 lakhs from sources like salary, properties, capital gains, shares of unlisted companies, holding a directorship of an existing company, and foreign assets/income.

  4. Income Tax Returns and Form Types ITR 3 ITR 4 For individuals or HUFs who are employed or own a business with an annual revenue of more than INR 2 crores from sources like pension or salary, real estate, or other sources of income. Individuals who receive income from ITR 1 and other sources totalling more than INR 50 lakhs are required.

  5. Income Tax Returns and Form Types ITR 5 ITR 6 ITR 7 LLPs, firms, organisations, and organisations (AOPs & BOIs) are required to file ITR 5. Only businesses that do not assert an exemption under Section 11 should use this form. For people and companies covered by Section 139(4A), (4B), and (4C) (4D).

  6. What if your ITR hasn't been submitted? In this situation, some lenders might still take into account your application by considering additional factors like your age, loan amount credit score, etc. As supporting documents for your income, you might be asked to provide Form 16 or bank statements.

  7. Thanks! Would Love to hear from you. Hero Housing Finance Pvt Ltd. 09, Community Centre Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 1800-212-8800 Email :customer.care@herohfl.com Website : https://www.herohousingfinance.com/ Know More :https://www.herohousingfinance.com/blog/knowledge-series-of-experts/why-filing-an-itr-is-important-for-a-home-loan

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