Mortgage payments and other financial obligations are considered as Common Documents Required by Lenders. This means that they are mandatory and cannot be exempted from the required repayment. It includes home loan, education loans, auto loans, mortgages, tax debts and many more. The lenders can get these documents easily through Mortgage Lenders in Chennai.
According to the lender, the most common documents required by them are the latest 2 years tax returns, bank statements, salary certificates, latest credit report, pay slips, pay checks, official letters etc. These are all required to fulfill the requirements of the lender. Hence, the borrowers should provide all the relevant information which is required for the lender. The lenders will verify these documents to the accuracy and then approve or reject the loan application.
There are several lenders available in the local market and each of them has their own set of requirements. The requirements of the lenders differ in accordance to the type of loan they offer. There are various factors which the borrower can consider to satisfy the lender. If you are small business owners and looking forward to avail small business loans in Chennai, you can follow the below-mentioned tips for availing the loans with low interest rate.
Submission of latest credit report The small business owners should keep themselves updated with the latest credit report. This will help the lender in getting an idea of the past financial activities. They can assess the current financial position and can plan their future financial moves accordingly. They can even negotiate for the discounts and other facilities provided by the lender in order to avail the loans with low interest rate.
Presentation of a complete and comprehensive business case The lender always requires the details related to the previous activities, income, assets, liabilities and other financial aspects to evaluate the financial condition of the borrower. You have to convince the lender that you are financially sound and can repay the loan amount. For this you can submit a full and clear business case along with the necessary supporting documents. You can even include the annual income tax returns and the mortgage repayment documents if required.
Completing the application form properly Many online lenders do not request for any further documents at all when you apply for the business credit. You have to provide all the information requested to the lender to avoid delay. Even after submitting the application form to the lender, it is better to contact them for discussing the terms and conditions online. Many times the lenders provide the best rates and terms to the applicants who apply for small business loans in Chennai. You can get best offers by comparing different quotes offered by different lenders.
Submit tax return Your recent 2 year's tax return is required to furnish the lender the information about your earnings. This can also be submitted with your latest pay slips if available. The lender has to verify the tax returns so that there is no doubt about your income and pay slips. The tax return must contain details about your personal expenses and income. If your tax return is rejected by the lender then you can try again for getting a business credit in Chennai.
Submit business tax returns A tax return is required to state the tax amount received from your business and the payment received from your company as a mortgage payment. Some online lenders do not require the submission of tax returns. But it is advised to submit the tax returns with the tax due date. This will give the lender enough time to consider the loan application if the application for self-employed is granted. The lender will reject the application if the self-employed loan application is made without the filing of a tax return with the mortgage payment.