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Documents

With an easy process of documentation involved, the dream of owning a house has become even more simpler. Though the documents required for a home loan are more or less uniform among various banks, a few specific requirements may vary from bank to bank, depending on the loan amount, purpose of the loan, tenure etc.

The following are a few factors on which the sanctioned loan amount depends:

  • Type of borrower
  • Age of the applicant
  • Income of applicant
  • Agreement value of the property to be purchased
  • The purpose of the loan
  • Nature of property

Checklist of Documents required for Home Loan:

1. Completed Loan Application

2. Proof of Identification:

  • Driving license
  • Ration card
  • Passport
  • PAN card
  • Voter’s ID card
  • Employee ID
  • Bank passbook

3. Proof of Age:

  • PAN card
  • Birth certificate
  • 10th class marksheet
  • Bank passbook
  • Passport
  • Driving license

4. Property Documents:

  • Sale deed, agreement of sale with the builder (original copy)
  • Land and building tax paid receipts, location sketch of the property certified by the revenue authorities, possession certificate
  • Letter of allotment given by the Housing Board/Society/Private builder
  • Original receipts of the advance payments that are made towards the purchase of flat
  • An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
  • Original of the land tax paid receipt and possession certificate as issued by the revenue authority
  • Original No objection certificate (NOC) from the housing society or builder
  • Detailed estimate of the cost of construction of house
  • Letter from the builder/society/housing board, stating their account number and name of their bankers for the remittance of installments

5. Address Proof:

  • Bank passbook or Bank account statement
  • Voter’s ID
  • Ration card
  • Passport
  • Utility bill (telephone, electricity, water, gas) – less than 2 months old
  • LIC policy/ receipt
  • Letter from a recognized public authority verifying the customer’s residence address

6. Income Documents:

Salaried individuals (any one of the following):

  • Form 16
  • Certified letter from Employer
  • Pay slip (Last 2 months)
  • Increment or Promotion letter
  • IT returns (for 3 years)

    • Apart from the proof of income of the salaried individual, he would also have to furnish any investment proofs (like fixed deposits, shares, etc) and his passport-size photographs.

    Self Employed or businessman (any one of the following):

    • Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
    • Last 2 years Balance Sheet and Profit & Loss account of the firm- duly attested by a Chartered Accountant

    Apart from these, a self-employed individual also has to submit:

    • A brief introduction of his profession/business
    • Passport size photographs
    • Photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
    • Photocopy of Registration Certificate for deduction of Profession Tax
    • Proof of investments
    • Certificate of Practice
    • Receipts of advance tax payments (if any )