ITRs serve as trusted evidence of your income history. However, if you want to know: Is ITR mandatory for home loans? Let me tell you that filing ITR is generally recommended for home loan applications in India, though not strictly mandatory in all cases. The requirements depend on your income structure, lender, and loan amount. Banks and housing finance companies usually request 3 years of ITRs to evaluate a borrower’s income consistency, repaying capability, and financial stability.
Is ITR Compulsory for Home Loan?
Applicants below taxable threshold or salaried individuals with regular Form 16 may secure loans without ITRs, under special affordable housing schemes that verify income via bank statements or workplace visits.
For salaried borrowers, lenders sometimes accept Form 16 + salaried bank statements if taxes have been deducted, and income is stable especially when income is below taxable brackets and no ITR was filed. Nonetheless, more conventional lending programs require submitting ITRs, as they strengthen the application by showcasing financial transparency.
Self-employed individuals must provide 2 to 3 years of ITRs with computation of income, along with profit & loss statements and audited financials if turnover exceeds thresholds. Even for minimal-income borrowers, some NBFCs or affordable-housing credit lines may admit applications without ITRs, provided alternate income proof exists.
Hope this helps!
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Is ITR Mandatory for Home Loan?
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2025-07-15T07:47:03+00:00 2025-07-31T15:07:36+00:00Comment
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