Recently my cousin asked me, can I get home loan with 1 year ITR. I told him getting a home loan with only one year of Income Tax Returns or ITR in India is possible but may involve certain challenges. Lenders typically require at least two to three years of ITR to assess a borrower’s financial stability and repayment capacity. I have shared more details; I informed him.
Is It Possible to Get a Home Loan with 1 Year ITR?
I informed my cousin, some banks and Non-Banking Financial Companies (NBFCs) approve loans based on a single year of ITR, especially if you meet additional criteria.- To increase your chances, maintain a strong credit score (preferably 750 or above) and provide other financial proofs, such as salary slips, bank statements, or Form 16. Self-employed individuals may need to provide stable business income.
- A low debt-to-income ratio and a consistent source of income can increase the likelihood of acceptance.
- Additionally, having a substantial down payment (20–30% of the property value) reduces the lender’s risk, making them more likely to approve the loan. Opting for a co-applicant with an excellent credit history or higher income can also enhance your eligibility.
- NBFCs and housing finance companies often have more flexible requirements than banks, making them a good option for those with limited ITR history. However, these loans may come with slightly higher interest rates.
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Can I Get Home Loan With 1 Year ITR?
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2024-12-26T19:48:13+00:00 2024-12-26T19:48:13+00:00Comment
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