With an easy process of documentation involved, the dream of owning a house has become even more simpler. Though the documentation requirements 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 a Home Loan:
Completed loan application
Proof of identification:
- Driving license
- Ration card
- Passport
- PAN card
- Voter’s ID card
- Employee ID
- Bank passbook
Proof of age:
- PAN card
- Birth certificate
- 10th class marksheet
- Bank passbook
- Passport
- Driving license
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
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 )
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