Income tax return requirment for home loan

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AJAY THAKKAR (Querist)

12 April 2013 DEAR SIR/MADAM

I WANT TO KNOW THAT IF SOME ONE EARNS
RS 1,80,000 P.A IN PROFESSION BUSINESS OF PHOTOGRAPHY/STUDIO...AND HE WANTS TO PURCHASE HOUSE OF RS. 15,00,000 , AND WANT TO HAVE LOAN AGAINST IT..

FOR THAT, UP TO THIS HE HASN'T FILLED ANY ITR
1)HOW MANY ITR REQUIRES FOR LOAN?
2)ANY THING LIKE DURATION BETWEEN FILLING ITR?
3)HOW MUCH LOAN HE CAN BORROW AGAINST THAT AMT OF 15,00,000?
4)WHICH OTHER DOCUMENTS ARE REQUIRED????

PLS HELP IN THIS..
THANKS

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

12 April 2013 1) It requires last 3 years of income tax returns

2) There is no duration between failing ITR but now a days if all the return filed in the same year then some banks or others are not accepting. However in a year you have to chance to file only last 2 years of returns. I.e at now you can file For A.Y 2013-14 and 2012-13 return of income only.

3) You may get upto Rs. 7 to 10 lakhs loan depending on the bank. Because of each bank is differ to compute the eligibility because of their norms may be different as well as interest rate also decides the loan eligibility.

4) For other documents please contact the bank because of it is differ to bank to bank as well as requirement shall be depending on the details of property you purchasing etc.... For any bank valuation of property,legal opinion are required. However please contact the bank where you want to take loan.

OM SAI SRI SAI JAI JAI SAI

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