One of the main important document which you are required to bring along with you in order to receive a home loan is the payslip. These payslip are the proof of your income status which you have been received in the course of your current job. However, still there are various people who do not have any payslip, but they still apply for home loan in order to get the loan. Hence, it is common not to receive any salary slip from your employer. Most of the people want to know about how to Get Home Loan Without Payslip.
Basically its all depends upon the type of industry or the size of the company that you work for. Well there are most of the small business who does not issue any payslips to their employees, especially if payments are cash-in-hand. Whereas, some of them handover a hand-written receipt which usually means it will not get accepted by the bank.
In most of the other cases you may receive the income on the irregular basis and it is very difficult to prove. This mostly included the salesman, casual employees and people who work significant overtime. However, somehow it is possible to get the home loan without showing any payslip to the lender.
Get Home Loan Without Payslip:
However, if you are planning to apply for the home loans. The lender will ask you to submit the documents that revel your income details. Moreover, in case you are not required to pay slips, you are still eligible of getting a housing loan. Banks, NBFCs or online NBFCs want proof of your income, so even if you don’t have pay slips you can submit some alternative documents. The documents like:
- Salary account bank statements
- A letter signed by the head of the company, stating your salary
- Appointment letter and detailed salary structure that is duly signed.
Moreover, apart from this there are also few ways through which you can easily apply for the home loan without having any payslip with you. However, for this you just required to go through with the followings steps. There are few financial institutions who consider giving a home loan without documents and income proof, purely based on customer persona and relationship. If you have a good relationship with the bank based on your timely payments and clear credit records. Then the bank may offer you a personal loan based on the details already available with the bank.
Following are some of the things you can follow in order to avail a documentation-free personal loan:
Good Relationship With The Bank:
First of all it is very important for you to have a good good relationship with your bank. Because having a good relationship along with the bank means that you will stay loyal with them in all the financial, and non-financial services. Moreover, this also helps in building trust with the bank. Therefore, in the future ahead if you are applying for any kind of personal loan with the same bank it becomes a lot easier for you to get the loan. It will be easy because bank already knows hat how eligible you are to get the personal loan. They can easily assess your credit worthiness.
In order to have a good credit score it is very important for you to pay all your dues on time. As paying all your credit card bills on time, puts you at a higher chance of availing a personal loan with the bank. Thus, you must not miss even a single payment of the bank as it will reflect in your records which will make your credit score poor.
A missed payment is a sign of incapability of handling finances. Hence, lenders would ask you to provide a solid proof of income. Also maintain a high credit score as it helps in building faith with the lender that you are a safe customer.