Can I get house mortgage with out submitting ITR?

I’ve a small enterprise of car spare elements. Since my earnings is under the taxable restrict, I don’t file any earnings tax returns and don’t keep any accounting e-book.

I’ve by no means taken any type of mortgage from a financial institution/NBFC earlier than and do not need any mortgage historical past. Can I get house mortgage from a financial institution and what doc course of ought to I comply with? Please information me on the best way to go about taking a house mortgage.

-Name withheld on request

Yes, it’s attainable to get a house mortgage from banks or housing finance firms regardless of not having filed an earnings tax return (ITR) when the earnings is under taxable restrict.

Today, many main banks and housing finance firms comparable to Axis Bank, HDFC, ICICI Bank, Aditya Birla Housing Finance, Hero Housing Finance, and Piramal Housing Finance present housing loans to self-employed and salaried prospects whose earnings is under taxable restrict and principally in money. Most of those banks/HFCs run particular programmes below their inexpensive housing scheme. You should method these banks/HFCs or their gross sales agent and accumulate the applying kind, fill the identical, connect required paperwork comparable to Aadhar card, residence proof, enterprise proof, images, amongst others, and submit.

These banks have a selected course of for assessing your earnings and mortgage eligibility by visiting your office and your “kuchha khata” books /data of earnings and bills that you could be be marinating. In case you don’t keep any books then they’ll assess your earnings foundation your inventory, gross sales, and expense primarily based on their expertise of assessing such companies.

Based on the report filed by these assessors, the financial institution grant you a mortgage primarily based in your precise money earnings. You will then have to supply a duplicate of your property papers. The financial institution will conduct a valuation and title search report they usually gives you a date while you get your mortgage cheque. The financial institution’s lawyer will go to the property registrar’s workplace and hand over the house mortgage cheque to your vendor, they’ll register the property in your title and accumulate the sale deed and different papers and maintain it below their custody until the time your pay again the house mortgage.

(Query answered by Shrikant Shrivastava , Chief Risk Officer, India Mortgage Guarantee Corp. Please ship your views and private finance queries to mintmoney@livemint.com)

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