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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