Which itr form to use for home loan

What is Form 16? How to link PAN with aadhar on new e-filing portal. Thank you for your response. Start investing now or. Download link sent. What is the due date for tax filing? Updated on : Aug 26, - PM 08 min read. Before that, let us first discuss the applicability of the ITR 1 income tax return.

Who cannot use ITR 1 Form? Income Tax Slabs. Insure Life Insurance. Health Insurance. Motor Insurance. Other Risk Covers. Personal Finance News. Mutual Funds. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. For FY , ITR-1 can be filed only by an ordinarily resident individual whose total income does not exceed Rs 50 lakh. This ITR form can be used to report income from salary, one house property, residuary income interest, etc.

If you are not a salaried person, the lender will insist that you submit your income tax return, along with supporting documents, like computation of total income, profit and loss account and balance sheet of your business. These documents, will help the lender to understand your business, the nature and extent of existing borrowings, profitability of the business and quantum of own investment.

These documents, will also help the lender to understand your saving habits. Based on the nature of your business or profession, the lender will decide the income multiple for granting your home loan.

For chartered accountants and doctors, some foreign banks provide home loans, as a multiple of your gross receipt and not the net profit shown in the profit and loss account. For businessmen, it is generally a multiple of your net profit, which determines your loan eligibility. The amount of depreciation claimed can be found from the income tax papers, which is added to your income and considered for determining your loan eligibility. Even the punctuality with which you file your income tax returns, has a bearing on your chances of getting a loan.

If the ITR is filed for the first time, the lender may feel that it has been filed, only for the purpose of making the home application. Upload your Form Looking for Higher Returns? Invest Now. Aggressive Growth. Better than FD. Trusted by 25 Lakhs Indians. Was this article helpful? Have a query?