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Personal loan for self-employed: How can one raise money based on ITR. Details here

Self-employed individuals can avail of personal loans by providing their Income Tax Return documents as proof of income. Banks typically assess their income tax returns to assess their financial stability, repayment capacity, and eligibility. If you want to procure a personal loan, you need to gather an income tax return for the past 2 to 3 financial years. Typically range …

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Rejected for a personal loan or credit card? 5 reasons your application might fail

Your credit score is a report card of your credit history and creditworthiness. Banks and NBFCs consider 750 and above a good credit score for approving credit card and personal loan applications. Factors considered for approving credit applications apart from credit score Some of the reasons why your credit card or personal loan may be rejected even after having a …

Tax Benefits on Electric Vehicles in India: The Indian government is pushing for a greener future, and electric vehicles are a key part of the plan. But did you know there’s a hidden income tax deduction specifically for the interest paid on loans taken to purchase EVs? Here’s the deal: Under Section 80EEB of the Income Tax Act, individual taxpayers …

Business Loan Without ITR, CIBIL; Muthoot FinCorp Launches Vyapar Mitra Business Loans; Check Details

Muthoot FinCorp on Wednesday announced the launch of custom-made product ‘Vyapar Mitra Business Loans’. Traders, business owners and self-employed individuals can avail business loans based on their daily cash flow without any additional collateral, Muthoot FinCorp said in a press statement. The statement added that one can get business loans without Income Tax Return papers and no prior CIBIL score …

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ITR filing in case you own multiple flats and pay EMIs for loans taken

I have a building consisting of three small independent flats. If I use ITR-2, I will have to divide my home loan EMIs and property tax amongst all the three flats, which is not possible, because it is calculated as a whole. For the purpose of capital gain exemptions various judicial authorities have held that a single house consisting of …

Can I get home loan without filing ITR?

I have a small business of automobile spare parts. Can I get home loan from a bank and what document process should I follow? -Name withheld on request Yes, it is possible to get a home loan from banks or housing finance companies despite not having filed an income tax return when the income is below taxable limit. Today, many …

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Can I claim deduction for interest paid on personal loan, used for home repairs?

Can I claim deduction under Section 24 for interest paid on personal loan, used for home renovation. -Rajendra Pawar By Balwant Jain, tax and investment expert For claiming income tax deduction under Section 24 for interest paid on money borrowed for the purpose of purchase, repairs, renovation etc. You need to preserve the copy of the bank statement for the …