Purchasing a home is probably one of the biggest decisions you may take in your life. Like most people, if you are planning to apply for a home loan for the purchase, it is essential that you are well-informed about the processes involved as well as know about the documents you may need. This would ensure that your loan application is processed swiftly without any hassles.
You will be required to submit some documents along with your loan application. The documentation requirements may vary depending on whether you are a salaried individual or a self-employed professional.
Let us have a look at the documents you will need to apply for a home loan
Common Documents for Salaried and Self-Employed Individuals
- Duly filled loan application form
- Photographs (2-3)
- Identification and Age Proof –
- PAN Card
- Aadhar Card
- Driving License
- Passport
- Voter’s ID Card
- Address Proof
- Ration card
- Voter’s ID
- Bank Passbook
- Utility Bills
- Property Documents
- Buyer Agreement/Copy of Allotment Letter
- Receipts of all the payments made to the seller/developer
- Title Deeds (For resale home and home construction loan)
- Construction plan approval received from local authorities (For home construction loan)
- Construction estimate from a civil engineer or an architect (For home construction Loan)
Income Documents for Salaried Individuals
- Payslip of last three months
- Latest Form 16 and IT Returns
- Bank statement of the last six months (Salary account)
Income Documents for Self-Employed Individuals
- Details of business license
- Profit and Loss Statement (Attested by CA)
- IT Returns of last three years
- Business Establishment Certificate (For factories, shops, etc.)
- Business Address Proof
- Professional Practice License (For consultants, architects, doctors, etc.)
Apart from the documents listed above, there can also be additional requirements based on the lender you select for your housing loan.
Starting the Home Loan Application Process
If you meet the eligibility requirements of the lender and have collected the documents mentioned above, you can begin the application process online or offline. There are now a few financial institutions in India that offer the online loan application facility. Even the documents can be uploaded online for enhanced convenience.
You can also get detailed information about the eligibility and documents required at the official website of the lender. In case you have any queries, you can get in touch with the the lender by leaving your query online on the website or visit the nearest branch office.
Fulfilling Your Dream of Home Ownership with a Home Loan
It would be startling to know that a large number of home loan applications are rejected due to document-related issues. Most lenders in India have a very strict documentation policy for loan approvals. To ensure that you do not face rejection of your loan application, it is advisable that you understand the document requirements of the lender and keep all the necessary documents handy.