Documents Required for Home Loan

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
• 10^th class marksheet
• Bank passbook
• Passport
• Driving license

4. 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

5. 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 )

6. 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