All you need to know about Assessed Income Program
The Assessed Income Program Home Loan is specifically designed for those customers who fall under the…Read More
Liquid Income Program is a way of assessing an individual’s credit worthiness by looking at the actual cash flow of the business. In many cases, it is difficult to assess the credit worthiness based on their previously filed ITRs due to several reasons such as a recent scale-up of business, reduced awareness about maintaining financial accounts, improper maintenance of accounts, lack of professional responsibility of the Chartered Accountant with respect to reporting of the true financial status of the business, etc.
A complete assessment of the financials of the borrower will be performed to assess eligibility for LIP. In addition, a complete verification process of the office/ factory premises of the individual will be carried out. Moreover, the income-generating capacity of the borrower will be determined by verifying the records for the current period. An estimated Profit & Loss account along with a balance sheet will be prepared. This report will be used for ascertaining the eligible income of the borrower. Any borrower whose business, investment, and working capital can be verified, is eligible for the Liquid Income Program.
Features and Benefits
The Liquid Income Program has several features and benefits. Here are the 4 key benefits of LIP.
To be eligible for this program, below are the list of few criteria that need to be met :
In a Nutshell
Liquid Income Program financially helps small business owners with housing loans in an efficient manner. Ensure to have the required document list ready to expedite the entire process. In addition, all self-employed professionals and self-employed non-professionals can apply for Liquid Income Program.