What documents do you need to apply for a home loan?

What documents do you need to apply for a Home loan ?

One of the biggest challenges while buying a home is finance, but with various banks offering various schemes, availing a home loan for easy EMIs has become a smooth task these days. While there are a lot of financial institutions and banks providing home loans, the documents play a vital role. The good news is that the documents are more or less similar to various banks and finance companies. At times the documents may also differ depending on your loan purpose, credit profile and the loan scheme too. Here, we have listed the most commonly asked documents for a home loan application.

  1. Application form (It can be procured through bank websites or your nearest branch)
  2. Proof of identification such as Pan Card, Aadhar Card, Passport, Voter ID, Driving License, Etc..
  3. Proof of Age such as Bank Passbook, Driving License, Aadhar Card, Pan Card, Birth Certificate, Etc..
  4. Passport size photos of homeowner
  5. Residential proof such as Voter ID, Bank Passbook, Ration Card, Utility Bills, LIC Policy, Notarised letter or Passport

When it comes to Income documents required, it’s in two categories:

  1. Salaried Individuals: If you are drawing a monthly salary from a company, here are the documents you would need to show to be eligible for the loan:
    • Form 16
    • Payslip of last 3 months.
    • Promotion letter
    • Stamped letter from your employer.
    • Income Tax Returns of the last 3 years.
    • Along with proof of income, you would also have to show investment proofs, if any, like fixed deposits, shares, etc.
  2. Self Employed : For people running their own businesses and earning profits, here are the documents you would need to show to be eligible for the loan:
    • Proof of Business Address
    • Income Tax Returns of the past 3 years
    • Balance Sheet, Profit & Loss Account Statement of the Firm
    • Business License Details
    • The license of Professional Practice
    • Registration Certificate of Establishment
Along with the above-mentioned documents, you will also have to show the property documents to apply for home loans, here’s the list:
  1. NOC from Society/Builder
  2. An estimate of the cost of construction of the house
  3. Registered Sale Deed
  4. Allotment Letter
  5. Stamped Agreement of Sale with the Builder
  6. Occupancy Certificate
  7. Property Tax Receipts
  8. Maintenance and Electricity Bills
  9. If any receipts of the advance payments made for the purchase of the house
  10. An approved copy of the building plan

Only registered users can comment.

  1. I have read a few good stuff here. Definitely worth bookmarking for revisiting. I wonder how much effort you put to create such a great informative website.

  2. whoah this blog is great i like studying your posts. Keep up the great work! You realize, many people are searching round for this information, you can aid them greatly.

Leave a Reply

Your email address will not be published. Required fields are marked *