3 Reasons Why Home Loan Lenders Check Your Bank Account Statement

Are you in the process of acquiring a home loan for your new apartment or plots in Gurgaon? Or planning one in the near future?

Your bank account statement is an extremely important document that the lenders check while sanctioning a home loan to anyone. But why do they do so? What factors or parameters does the lender check in the statement while processing the loan. Here are a few reasons to give you a better idea -

1. Other Loans Procured

It is extremely important for the bank to check if you already have any other loan or financial liability or are servicing any other loan. This affects your pay back capability. In case there is any other loan that you would be servicing, it will affect the loan amount that might be sanctioned.

2. Nature of Transactions

For salaried employees, the lender checks whether the salary is credited regularly month on month. Also, he needs to check if the salary declared in the Income Tax Returns and the figure credited the account are the same. 

For self employed people, the lender will have to verify the amount of business transactions, the money coming in the account month on month.

This activity is to assure that the person would be able to pay back the loan.

3. Cheque Returns

Both inward and outward cheque returns are cross checked by lenders to understand the financial position, stability and discipline of the customer.  Inward or outward cheque returns create a very negative impact on the financial profile of any customer.

Though builders in Gurgaon offer various payment plans, it is always best to check all available options to finance your home loan before taking the final call.