Why Home Loan Lenders Ask For Bank Account Statement

Most of the home loan lenders ask for bank account statement to ascertain your financial activities during the period. In the perspective of the lender, the bank account statement is an important document, they ask for the last six months to few years bank account statement. They use this data to determine one’s home loan eligibility. Why the lender asks for the applicant’s bank account statement

1.    The existence of any other loans

From the bank account statement, the lender can easily find out any other mortgages being serviced. The existing loan reduces one’s home loan eligibility.

2.    Nature of activity

With the bank account statement, the lender can verify the nature and level of activity in the bank account.

3.    Account balance and nature of debits

From the bank account statement, the lender gets a clear idea regarding the nature of debits, your financial discipline and saving habits.

In short, the lender determines the applicant’s financial health by analyzing his bank account statement.

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