Income proof is one of the important
document papers and factors to get your home loan approved. Any lender will ask
for this important document to understand your incoming payment monthly and
also your repayment capacity. What if you cannot prove your monthly income?
This usually happens with the self employed or people who may take contracts.
For such dealing there is no income proof as all this is done in payment. How
can you go about getting a home loan in such conditions?
Your bank accounts will be big help here
as your financial deposits assets and saving can be shown to the loan lenders.
Your credit card is another trump card for you in such cases as your credit
mini statement and credit card rating is a sure take to get your home loan
approved. If you take contracts and pay your employees in payment then there
will also not be any pay slips for this. Remember financial banks and lenders
do not approve of hand written paper apy slips. You need to have a computer
generated and signed pay slip. Here your bank accountant can give a letter, who
takes care of your financial dealing in your business or any private chartered
accountant can help. Any experienced chartered accountant can sign a
verification document and approve of your income and expenditure by providing
your income tax statements.
There are many lenders who are willing to
offer loans without your income proof provided you can prove own of asset in
form of property, investments like shares, gold, fixed deposits and insurance
policies. You can also hire a financial banks or a finance company services who
can help you to assess your financial capacity and position and then come up to
a chalked out plan for getting your home loan approved. Remember if you have
the dream of owning a home and repayment capacity you will get a home loan.
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