Why ITR is Required for Loan Application?
Do you know why all banks ask for Internal Tax Return(ITR) with loan application?.As required by the BSP and include in the circular 622 series 2008, amendment of circular 549 series 2006, the purpose of ITR's submission in loan application is to verify the borrower's financial capability of paying his debt, and therefore protecting him of getting into large debt if happen bank loan is to be granted.
So, if you are planning to get a loan this year, Get your ITR first now.
Types of ITR
- ITR 2316 for Regular Employee
- ITR 1701 for Business Owner
Why ITR is Required for Loan Application?
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