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Axis Bank Home Loan Documents
Today, there are a number of avenues available for procuring a home loan; Axis Bank being in the forefront. Having said that, there are certain documents that you must present to the bank upfront. These documents assist the bank to ascertain the viability of extending the loan. One must make a checklist of all the documents required for home loan to make the process smooth and easy. Here is a list of documents that you would need to provide to Axis Bank along with your home loan application.
Income Proof: The bank asks a salaried person to provide salary slips for at least the past 3 months. If self employed, the bank requires you to provide the profit and loss statements for your business. In some cases, the bank can ask for these documents for an extended period (more than 3 months) to better gauge your earning profile. You should keep in mind that if your income has gone up considerably in the past year, you should have an explanation to prove it to be stable rather than just a one-time abnormality. If you fail to provide sufficient proof, your loan eligibility may be considered against a lower average income.
Bank Account Statements: The bank requires you to present the account statement for the last 6 months. In case of salaried individuals, account statements help the bank analyze the ratio between your income and expenses. And if you are self employed, your account statements help the bank to know the extent of your business activity.
Form 16 and Income Tax Return: As an additional proof of the income that you have earned and the amount of tax levied on it, the bank will ask you to provide Form 16 obtained from your employer for the past 3 years. If you are self employed, you are required to provide the income tax returns filed by you in the past 3 years.
Residence Proof: The bank will ask you to provide a proof of your current and permanent residence in order to both identify you and maintain correspondence in the future.
Identity Proof: In order to identify you as the loan applicant, the bank will ask you to provide a valid identity proof. This allows the bank to look into your credit history. Some of the documents that are considered to be valid proofs of identity are diving license, voter ID card, PAN card, passport, ration card, bank passbook, etc.
Passport Size Photographs: You will need to attach passport size photographs on the loan application. Usually, 2 to 3 passport size photographs are required by the bank.
Apart from the basic documents listed above, certain supporting documents may also be required. The bank would require you to submit the documents showing your ownership of the property in question. These would include documents like original sale agreement, registration receipt, copy of title deed, allotment letter, possession letter, lease agreement etc. In addition to these you may also be required to submit post dated cheques for your EMIs. Documents required for home loan may vary depending upon the current rules and regulations. But generally speaking, the bank would seek the above mentioned documents, so it is advised to arrange them upfront.
Payday Loans Bidding for Additional Benefits
The need for payday credit increasing with the changing perspective of the people living in the service class category of UK.
Its an interesting job to point out the differences between the past and present. However, this interest could not be seen among those who are carrying out same exercise for the league of loans. Today, we see an individual earning to save more while; the past has recorded the enthusiasm for expenditure with the availability of numerous loans in the market.
Its a true fact that the fad of loans will not be vanishing entirely from the UK financial market but, the changes occurring in the economic climate of the country would force most of the individuals to see the facilities from a different vision.
Under the past circumstances, we have observed a lot of people availing several kind of long term loans with the motive of making a big purchase like buying a car or a new home, and at the same time, the short term loans were availed with the motive of home improvement or a holiday. However, with the above defined different vision, masses are getting more attached to the short term credit facilities like payday loans and other 3 month credits.
The reason behind this changed vision can be seen as the insecurity of job among a lot of regular earning individuals. The scenario, where big corporate are shelving their manufacturing plants and are shifting their base for cost cutting, its obvious to get this feel.
Now, coming back to loans, in accordance with the above reason, many are looking to save as much as possible on their own, rather than relying on some investment option. Hence, in this condition, when the need of urgent funds generate in front of an individual, the options of short term loans comes in light where payday loans serves the purpose at higher level.
Taking a look at the features in payday credit, the loan here is provided to an individual on the short term basis, which means that a person have to avail and repay the loan within the duration of three months. Hence, a person can avail the loan, tackle the urgent expenses and can repay the loan within a short tenure due to which a person does not have to pay heavy installments for every month in the year can feel free to save more out of his monthly income.
Further, the payday loans are not only attractive for its short repayment tenure but, also pull a lot of individual due to its fast processing attribute. According to the terms determined with many lenders offering payday loans, the funds are transferred to an applicant’s account within the duration of 24 hours.
Hence, in order to avail a good credit facility to tackle the urgent monthly expenses in the dark economic conditions, one can easily bank upon the lenders offering payday loans.