Home loan refusal

In simple words, Form 16 is the document proof given by an employer to all its employees with the complete details of income (salary) , the amount deducted as income tax (TDS) for each month and the total tax payment. This document will be used by employee to submit the income tax returns to the government. He need not submit the form 16, it is only proof for his income and the tax payment. It is safe to keep all your form 16, if there is any issue in the income tax returns, form 16 has to be used as the proof. Note that, issuing form 16 is applicable only for the salaried employees. Normally, form 16 would issued after the current financial year.

 issuing form 16 is applicable only for the salaried employees. Normally, form 16 would issued after the joining date in your job financial year.

Has the bank refused loan in writing?

You may submit a letter to your employer for issuing form 16.

Hi,

The bank has refused to sanction through verbal communication only and not in writing.  I can insist them to give in writing.  Regarding form 16, since no TDS is deducted can my company issue me Form 16?  Is Form 16 really necessary for loan sanction despite giving acknowledge of ITR to the bank?  Is it possible for the bank to see Form 26AS to show proof of income and file return?

My company says that it should be three years for company to issue Form 16 and since it is only 2 years hence it cannot issue.  The company says that even if Form 16 is issued it will be invalid,  but i do not believe this.  Is there any legal procedure to acquire Form 16 from the company?  I have salary certificate/salary slip and even bank statement reflecting my salary payment.   I have already shown proof of my income, despite this they persist on form 16.  Please tell me how i can get loan sanctionead and also get Form 16 from the company.

Thanks,

Suresh. S

Dear sir,
I want to purchase a ready made well constructed house of Rs 4000000. I have applied for Home loan for Rs4000000 from bank. I have submitted all the necessary documents which was required by bank. Seller is having Home loan of Rs 2000000 for this property. He took the Home loan for the construction of this house. Now Bank is refusing me to finance Home loan for this property because of alredy mortage from other bank. I have told them to give Rs 2000000 from my Rs 4000000 home loan after sanction and clear the Seller Home loan and create register charge of your bank on property. A certificate from Seller's Bank has already been submitted in which is written that after payment of all dues , they will release the Title deed. Rest payment will be given to Seller.

Bank is refusing with the reason that this property is already mortage so that we can not finance against this property. First clear the  Seller Home loan dues and revocate the charge on property so that we can finance.

Can the Bank refuse for Home loan in that condition? Can it be lawfully possible to solve this propblem?

Ritesh Kumar

M:9817962899

you said

" I have been working in present company for 1 yr and 6 months and there is no tax deduction and payment is made through my saving account. "

why the employer does not give form 16.

why bank should at all be satisfied about your paying capacity.

have you complained to income tax deptt agains tthe company.

@ Suresh.S,

Yours is 3 years old query,hence no reply is posted for you.

@ Ritesh,

It is choice of the lender bank and bnak shall defend its interest.

Try with other bank or convince them for a triptriate bank.

1) Finacial assistance is available from bank. Bank can provide finance as per their framed rules.

You require loan n unable to give form 16 . As form 16 is basic requirement to prove that u have income. If ur organization is not provideing it then take it them from writting.

3) Cooperative bank also provide housing loan but the rate of interestis 17% as compaire to Nationalised bank 9.65%. Hence asper ur convience take it from the nearest bank.

Thanks