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Does the number of dependents affect your home loan application process?
Posted: Tue Jul 06, 2021 1:47 am
by RMA
I've been sending the money to my parents (both retired) living in my home country every now and then but until now never showed them as my dependents and claimed deductions from my income. Now I have been thinking of showing them as my dependents and claim deductions. I am also thinking of applying for home loan in near future. Will it affect my application process in any way?
Edit: In nutshell, do home loan providers consider "Gross Income" or "Taxable Income after deductions" for determining home loan limits?
Re: Does the number of dependents affect your home loan application process?
Posted: Tue Jul 06, 2021 2:14 am
by Teflon
When I applied for a home loan through Prestia, they only wanted to see my year end income statements from my employer for the past three years. So they were looking at my gross income. They never asked about my tax returns or inquired if I have dependents. Aside from that it was a fairly straight forward procedure involving lots of hanko stamping.
Re: Does the number of dependents affect your home loan application process?
Posted: Tue Jul 06, 2021 6:06 am
by RMA
Teflon wrote: ↑Tue Jul 06, 2021 2:14 am
When I applied for a home loan through Prestia, they only wanted to see my year end income statements from my employer for the past three years. So they were looking at my gross income. They never asked about my tax returns or inquired if I have dependents. Aside from that it was a fairly straight forward procedure involving lots of hanko stamping.
Understood, thanks for replying!