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Documents Required for Availing a Home Loan
Prospective home loan borrowers need to submit a few major documents to their bank or HFC including their ID proof, address proof, passport size photographs, bank statements, salary slips, ITR, form 16, form 26 AS and property documents. Pre-approved applicants are not required to submit any documents to the lender. Note that the document requirement might vary from lender to lender.
Below mentioned is the detailed list of home loan documents required to be submitted during home loan application.
Common Documents-
- Duly filled application form with passport size photographs.
- ID Proof- Aadhar card, PAN card, Driving License, Voter ID, Passport
- Address Proof- Utility bills (electricity bill, gas bill, telephone bill), Rent agreement, Voter ID, Passport, Aadhar card, Voter ID, Driving License, Ration Card)
Home Loan Documents for Salaried-
- Salary slip for last 3 months (last 1 month salary slip for guarantors)
- Form 16 and ITR of applicant and guarantor for the last 1 year
- Bank account statement for last 6 months
- Employee ID card provided by the employer
- Appointment letter/Confirmation letter/Promotion letter as proof of employment duration
Home Loan Documents for Self-employed Individuals/Professionals-
- ITR for the last 2 years
- Form 26 AS
- Gomasta License, Registration Certificate, Service Tax Registration
- Balance sheet with P&L statement and income computation for last 2 years
- IT assessment/Clearance certificate/TDS Certificate (Form16)/Income Tax Challan/Form 26 AS
In case the applicant is engaged in business through partnership firm/private limited company:
- PAN card and address proof of the firm or company
- Current account statement for last 1 year
- MOA and AOA of company
- ITR and audited financials of the company/firm for the last 2 years
Property Documents for Home Loan Applicants
- Title deeds and link documents of the property
- Sales agreement
- Encumbrance certificate
- Commencement certificate (for flat)
- Completion certificate and Occupancy Certificate (OC) in case of an old flat or house or a ready flat
- Chain of old agreements for resale flat
- Latest receipt of the tax paid
- Allotment letter of Co-operative Society
- Copy of Lease Deed
Additional Documents for Home Loan Balance Transfer
- Last 1 year statement of existing loan account
- Sanction Letter
- Foreclosure Letter
- List of documents held by the bank
Home Loan Documents for NRI/PIO/OCI-
- Duly filled application form with passport size photographs
- Copy of passport and VISA
- Address proof of India and abroad- Driving License, Voter ID, Passport, Aadhar card, Ration card, Rent agreement
- Details of local contact person, such as name, address, relation, contact number
- Bank statement of NRE savings account for last 6 months
- Bank statement of overseas account for the last 6 months
- Credit reports from Overseas Credit Bureau
Common Documentation Mistakes that Might Delay the Home Loan Process
- Incomplete details in the application form
- Unclear photographs or documents uploaded
- Forge Salary Slips
- False employment details
- Incomplete property documents
- Missing income documents