Income proof is one of the most important documents and factors to get your home loan approved. Any lender will ask for this important document to understand your incoming money monthly and also your repayment capacity. What if you cannot prove your monthly income? This usually happens with the self employed or people who may take contracts. For such dealing there is no income proof as all this is done in cash. How can you go about getting a home loan in such conditions?
Your bank accounts will be big help here as your financial deposits assets and saving can be shown to the lenders. Your credit card is another trump card for you in such cases as your credit history and credit card rating is a sure shot to get your home loan approved. If you take contracts and pay your employees in cash then there will also not be any salary slips for this. Remember banks and lenders do not approve of hand written paper salary slips. You need to have a computer generated and signed salary slip. Here your bank accountant can give a letter, who takes care of your financial dealing in your business or any private chartered accountant can help. Any reputed and experienced chartered accountant can sign a verification document and approve of your income and expenditure by providing your income tax statements.
There are many lenders who are willing to offer loans without your income proof provided you can prove ownership of asset in form of property, car, investments like shares, gold, fixed deposits and insurance policies. You can also hire a financial consultant or a total solution finance company services who can help you to assess your financial capacity and position and then come up to a chalked out plan for getting your home loan approved. Remember if you have the dream of owning a home and repayment capacity you will get a home loan. Where there is a will there is a way.
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