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coolsam
29-03-2010, 11:14 PM
I have my own shop and I do file IT Return for the last five years. Now looking for home loan. What would be the maximum tenure for me as I would like to work in my shop till my death (means no retirement age)?

vinks
29-03-2010, 11:31 PM
I have my own shop and I do file IT Return for the last five years. Now looking for home loan. What would be the maximum tenure for me as I would like to work in my shop till my death (means no retirement age)?The tenure of loan depends on loan amount, EMI, age and your retirement age. In case of own business the retirement age is assumed as 65 years by most banks.

coolsam
29-03-2010, 11:37 PM
The tenure of loan depends on loan amount, EMI, age and your retirement age. In case of own business the retirement age is assumed as 65 years by most banks.Thanks for answering my query! My age is 30 years. Would I go for longer term with low EMI or go for short term loan?

vinks
29-03-2010, 11:45 PM
My age is 30 years. Would I go for longer term with low EMI or go for short term loan?
Go for longer term with low EMI. Also ask for no prepayment penalty clause from the loan provider. Low EMI means that low burden and whenever you have extra money pay back your loan without any penalty.

tigershark
30-03-2010, 02:23 PM
I have my own shop and I do file IT Return for the last five years. Now looking for home loan. What would be the maximum tenure for me as I would like to work in my shop till my death (means no retirement age)?Just filing IT return is not the only pre-requisite of getting home loan. Apart from IT Return you need to provide your identity like car licence, address proof like ration card with photo and/or bank statement and balance sheet and profit and loss account of the business, PAN card etc.

coolsam
30-03-2010, 06:55 PM
Thanks for the update - tigershark! Could you please update the documents required for home loan by me?

tigershark
30-03-2010, 08:10 PM
For Salaried Persons -
- Minimum age 21
- Maximum Age 60
- Minimum Monthly Income Rs 5000 and above
- Documents Required Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence).
- Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
- Bank Statements(latest 6 months bank statement /passbook)
- Latest salary slip or current dated salary certificate with latest Form 16

For Self Employed Persons and Professional ( Doctors / Lawyers / Engineers / Architects ), except for the salary statements above, other documents such as
- Tax return documents,
- Balance Sheet / Profit Loss Statement of the firm he owns may be required.

http://policywala.com/showthread.php?t=399

vinks
30-03-2010, 11:30 PM
Good article -
http://getahead.rediff.com/report/2010/feb/24/money-self-employed-here-is-how-to-get-a-home-loan.htm