When
we go through the loan eligibility banks and home loan applications we find
that the most important document required is a pay slips for the past few
months. For any lender to approve your home loan they will need that you prove
your monthly income and incoming money to assure the lender about your
repayment capacity. Whatever if you are self employed and do not have pay
slips. How will you prove your monthly salary without your pay slips?
There
are many lenders who cater to people who are self employed or take private or
government contacts and do not have the required documents in place. Here it is
a fact that the loan lenders do understand that you earn a good figure but they
are tied by rules and cannot accept your home loan application. You can get
your agreement papers about the contract and here your past contract papers and
completed assignments can be of help. Even if you are new in a company the bank
will provide at least income proof of past 3 to 4 months. Your bank statements
and bank accounts will be considered as proof.
In
case you are employed in a small company or private company that provide your
income in form of cash then you can request for a letter from your employer
regarding the applying for as home loan. Your employer may give you a hand
written slip which is not valid for application of home loan. Consider your
bank statements for the past years and if they show a regular pay slips then
this can be considered as salary proof. If you have been on job regularly and
have a good history of work then also this can be sued for your benefit to get
your home loan approved.
Your
qualification will also be of importance as the lenders will see how much you
will be able to earn monthly and whether you w ill be able repay the EMI
amounts. Go in for a realistic home purchase and apply for a realistic amount
as loan, and it will get approved. And remember having no salary slips does not
in any way hinder your loan application and approval and there are finance
companies willing to offer loans for
this list of people at the same low interest rates.
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