Saturday, 18 March 2017

Why Banks ask for Bank Statement while applying home loan



home loan for flats in calicut

If you go for buy flats or apartments. You need to submit the bank statement for prove the financial ability and to know about your financial activities. The banks mandatory ask bank account statement for a certain period if you approach them for Home loan. Because they want to learn about the saving and spending habits of the loan seeker. Such a statement is very crucial for getting home loan. Based on the bank statement the lender to decide the eligibility of the applicant. Below are the points why home loan lenders ask for Bank Statement.


Nature of activity

With the help of bank statement the bank can find out the nature of activity. The activity nature id differ for self-employed persons and professional persons. The bank statements will help the banks to verifying the level of business activity and compare it, with the one declared in the income tax returns in the loan application.


For self-employed persons, the bank check the bank statements of the account, where the income is credited of the business or professional. These statements will help the lender in verifying the level of business activity like sales/receipts. It also Check with the declared in the income tax returns in the loan application form. Also help the banks to identify the cash deposits or withdrawals

From the bank statements of professional persons the banker should verify that the salary purported to be shown in the income tax return. The credited salary amount of Professional persons is also similar month after month.

Existence of any loan

From the bank statements, notice any identical amounts are debited at regular intervals. Banks can easily find out that the applicant have existence of any loan being serviced. The eligibility loan amount deciding based on the existence of any loan history.


 Account balance

The Account balance reflects your financial health as well your saving habits. Bank can analysis financial stability with the help of Account balance.

Account debits

Depends of the debits the bank should understand your financial discipline and good saving habits. From your spending habits the bank will determining your loan eligibility. Banks will reduce your overall loan eligibility if found any Higher payments or debits in your bank account.

Check loan dues

From the history of bank statement the bank can analysis existing loan dues or another payment dues. This will determining your loan eligibility. If found any regular dues in existing loan will reduce your bank loan eligibility.

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:Flats in Calicut | Villas, Apartments in Calicut, Kerala | Ladder Kerala
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