I read on a bank website that the following documents are required for approval of home loan in case of Self employed individuals:-
- Income Tax Returns, P&L A/c & Balance Sheet of past 3 years
I started working 2 years back… so in my case I only have P&L A/c & Balance sheet of past 2 years only… but I do have ITR of past 4 years in which i have only disclosed Income from FD
So my question is:-
- Based on the above facts, do you think my bank loan will get approved
- I heard that if I apply for a Home Loan and if my application gets rejected this will also affect the CIBIL Score. Is this true ???
PS: I have good knowledge of taxes but only half knowledge in case of Home Loans