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Why do I need to submit a proof of income?

Proof of income is important so banks can verify your income and proceed with processing your loan. Banks want to ensure that you have the capacity to pay the amount you intend to borrow.

What are these proof of income documents?


Most banks ask 1 – 3 months latest payslips to see consistent amount of your net income. Net income means what’s left of your basic after all the deductions including absences, allowances etc.

Income Tax

All banks require Income Tax Form to see your basic salary and taxable income at the end of year.

Bank Statements

Required for self-employed borrowers to determine inflow and outflow of cash per month. Maybe required for working individuals with bank accounts.