can we get home loan against nill retur?

Answer 1

You can get a loan, but the amount they offer will be very less. They will ask for 3 years returns and they average it and calculate it. If you file a nil return, the LIC Housing Finance will not give you even the application form.

For example, one of my relatives average income (yearly more than 3 lakhs) was 3.25 lakhs. His plot was worth 1 crore. His has applied for a loan of Rs.25,00,000 to build a house costs Rs.60 lakhs on the plot costs Rs.1 crore. With great difficulty the HDFC has given 22 lakhs only. For the same property ICICI offered Rs.14 lakhs, LIC 18 lakhs, SBI offered 10 lakhs. For them how we will repay the loan amount is important than how much is the property value.

Answer 2

The return asked by the bank is to verify that a person is earning something from where he is going to pay off the loan taken by him.
But if you say you do not earn anything than you will not get the loan.
They are also sitting to earn on a safe investment and not give away there money.
But you can file your return for FY ending 31st March'2006 even now till 31/03/07. and then file the return for the FY 31/03/07 in April'07 and get the loan.
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Answer 3

Theoretically all the bank needs is a return. But No bank will sanction a home loan with nill returns, possibly if you can show you have some agriculture income they may accept it since do not have a documented source of income. You could possibly try a cooperative bank.

Answer 4

Yes, But House Land area Documents submitted to Bank Original sale deed

or If it is Flat means Sale deed show the Banker and you get the home loan 90% on sale deed value ok

Answer 5

Yes. Return is never Nil. Tax may be nil. U can pay advance tax for current financial year and you may get loan for your home.