Skip to main content

No Salary Slips Can I Apply for a Home Loan?

When we go through the eligibility calculators and home loan applications we find that the most important document required is a salary 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. What if you are self employed or take contracts and do not have salary slips. How will you prove your monthly salary without your salary 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 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 require at least income proof of past three months or more. Your bank statements and bank accounts will be considered as proof.
In case you are employed in a small company or private company that gives you 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. Here consider your bank statements fro the past years and if they show a regular monthly incoming deposit 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 category of people at the same low interest rate  as others.
Labels:

Comments

Post a Comment

Popular posts from this blog

Debt Management for Personal Loans

Personal loans can offer individuals a way to have the funds for an array of uses. Some are necessary while others are for pure enjoyment. It is important that you consider the financial obligation that comes with personal loans. Too often, individuals access money quickly then struggle to repay it. If you don’t have a good budget in place you may find yourself unable to make the payments on your personal loan. An area where many individuals get into trouble with personal loans is debt consolidation. Within a year most people who use personal loans for this find themselves in even worse financial shape. This is because they have not altered their spending habits any. The result is they charge their credit cards up to the limit and now have those payments to make again as well as a personal loan payment. They may soon find they are drowning in the swimming pool of debt. Enrolling in a debt management plan may be a great alternative for you to help you meet your financial obligation...
1 comment
Read more

What are Interest Only Home Loans – Simplified Facts on Interest Only Home Loans

What are interest only home loans.   ‘Interest only home loans’ means that the borrower ends up paying only the interest for some years and then the principle amount is added later for years.  This has risen as a better option for many who are not in position to pay large amounts as EMI’s in present years. Usually for homes bought in construction phase, you keep paying small amounts of interest. In this type of offer the lender gives money to the borrower and the purchase deed is completed. The borrower becomes the owner of the house. Every month he has to pay a small amount that is interest to the principle amount (loan amount). During later years, as    the construction progresses and the housing complex is ready   he has to pay the interest along with large sums of the principle amount. This option may be good for individuals who are highly qualified and have a new job and they know that over the years their salary is going to increase with their experience....
Post a Comment
Read more

Fresh New Developments in Home Buying and Home Loan Industry

There is a gradual change and slow movement observed in the home industry and home loans market. After the long silence it is a welcome change for the builders and the home loan finance industry. As we move in any direction east, west, south or north, Mumbai or the outskirts, everywhere we see constructions going on and even though here was a lull in the market since the past few years due to Government and Reserve Bank rules and regulations there is a welcomign change being seen now. As the government too has reduced the burdens loaded on the builders so also the home loan industry is offering new low price quotations and offers for the buyers and home loan borrowers.With reduced interest rates, and many warding off totally the prepayment penalty with new latest amenities offered at the same price per square foot the customers are preparing to make their move. Still necessity, an own  place to stay,  is the only decision maker and where customers are concerned. The investment...
Post a Comment
Read more