While availing a home loan is an easy process, there are a few requirements that you need to fulfil mandatorily, like meeting the eligibility and furnishing the documents. The documentation process is a crucial part of the home loan process. The lenders gather all your information from the documents you submit. Your eligibility is also often determined by your documents. When you apply for the loan, you are asked to submit certain documents that can prove your identity, income declaration and property details. When you furnish the documents, lenders review them to decide if your loan application can be accepted.
If you are planning to avail a home loan, you must know about the mandatory documents you need. Here is a list of documents to aid the process of applying for a home loan.
Know Your Customers (KYC) documents
You can submit a copy of any of the following document as identity proof:
- Driving license
- Voter ID card
- Valid passport
You can submit a copy of any of the following document as address proof:
- Driving license
- Utility bills like electricity bill
- A bank statement that contains your address
Rent agreement, Voter ID or any other document that contains your updated address is also accepted.
You need to furnish proper property documents duly acknowledged and updated to apply for a home loan.
- Maintenance receipt and electricity bills
- An approved copy of the building plan
- Occupancy certificate
- A detailed estimate of the construction cost
- Encumbrance certificate
- Sales deed
- Title deed
- No Objection certificate from builder/society
- Payment receipt certifying payment made to seller/builder
- Property tax recipes
Following is the two separate list of income documents required for availing home loan for salaried and self-employed applicants.
|Salaried applicant||Self-employed applicant|
|Salary slips for last three months||Income tax returns with computation for the last two financial years|
|Bank statement for last six months||Audited Profit and Loss account and Balance Sheet duly attested by a Chartered Accountant for last three years|
|Investment proofs||Copy of the saving account of the applicant and current account statement of the business entity for the last six months|
|Form 16 or Income Tax Returns of the last three years.||Shop and establishment certificate|
|Partnership deed (partnership firm) or Memorandum of Association (company)|
|VAT registration certificate|
|Professional qualification certificate/Certificate of practice|
|SEBI registration certificate|
|PAN and Proof of address of the business|
Though these documents are standard requirements of the lenders, you must visit the lender’s website to get the entire list. Moreover, you must ensure to submit a complete and updated list of documents that contain accurate information when you apply for home loans. Once you submit the documents required for a home loan, you can get approval within hours.