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Home Loans: i have not filed IT return yet, am eligible to get a loan?

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    • CommentAuthorkajal shah
    • CommentTimeNov 22nd 2007
     
    • Answers: 1
    • Joined: Nov 22nd 2007
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    my gross salary is 26000 per month, and net is 21150/- of which i get a salary slip.

    but it never occured to me to file a IT return. Now i want to file it. But before that if i apply for the loadn is it possible me to get the loan?
    •  
      CommentAuthorvikram
    • CommentTimeNov 24th 2007
     
    • Answers: 104
    • Joined: Jun 20th 2007
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    Your loan eligibility will be affected if you have not declare your income(IT filing). This is because the HFI(Housing FInance Institure) is not in a position to establish the genuineness of the undeclared income without proper evidence. However, if the proof for such income is produced, the HFI may consider part or full income based on the nature of such cash income.
    • CommentAuthorSagar
    • CommentTimeNov 24th 2007
     
    • Answers: 10
    • Joined: Oct 27th 2007
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    The Banks looks at your earning capacity both present and future to make a judgment on your repayment capacity. Your existing obligations, your past repayment history, the quality of your earning (speculation and other non recurring income such as capital gains is normally not included in evaluating your repayment capacity) is considered. The Banks also considers your age, experience, employer and your qualifications to arrive at your repayment capacity.

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