Getting a home loan is not easy … you go to a bank; apply for the loan and the next day the money is transferred in your account. The process requires collateral and a list of documents for home loan approval.
Let us tell you this will be a tough task if you are unaware of the documents required for verification. You may face confusion while arranging them as there’s not one or two but more than 15. And if you miss any, you may not get the loan.
via:theeconomictimes
Furthermore, if you are not a salaried employee rather a businessman or NRI, then the requirements differ. To save your time and make the loan approval process faster, we are here to guide you about all those necessary arrangements.
The requirement is the same for almost all banks and thus having general information about those documents makes sense.
List Of Important Documents Required For Home Loan
1. If You Are A Salaried Professional
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Those working at any public or private organization need to produce a copy of property along with the proof of identity, residence, age, and income. These could be any of these mentioned below:
• Identity proof- PAN Card, Passport, Aadhar, Driving License or Voter ID
• Age Proof- Aadhar, PAN, Passport, 10th Class Marksheet or Birth Certificate
• Residence Proof- Ration Card, LIC Policy Receipt, Electricity Bill, Water Bill, etc…
• Income Proof- Salary slip of last 2 months, copy of IT return of previous 3 years, a certified letter from employer or increment letter that has salary details
[Note: You need to submit self-attested softcopy or hardcopy of these original documents]
In case, your home is under construction then no need to submit the property registration document. A processing fee cheque and last 6 months statement of bank will also be required for home loan approval.
2. If You Are Self-Employed/Businessman
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People owning a business whether small or big would need to submit a few more additional paper along with those mentioned above. These are:
• Recent Form 26 AS that gives information about tax deductions and their earning
• A copy of business profile
• In case the entity is a company then a list of all the existing shareholders and directors in the company is required. The document should be certified by a CA
• Those owning a company in partnership have to submit a copy of agreement between all the company’s partners.
Also Read: How To Apply For Personal Loan & Get Quick Approval
3. Documents For Home Loan For NRIs
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Age, residence, and identity proof will be common for every borrower even if they are non-residents of India and wish to get a home loan in the country. However, they will need to provide a few additional papers to banks other than those. These are:
• PIO Card
• Trade license, power of attorney and other proof of business in case NRI is self-employed
• Work permit or labour contract if the applicant is a government employee
• Salaried professionals should give the proof of income certified by officials of embassy
• A copy of bank statement of last 6 months
• Property documents along with cost details certified by a Indian Architect
• Form P60/45 if the applicants work overseas
• Loan statement in case he/she has an existing loan or previous loan not older than 1 year
If you don’t fall in either category of salaried and non-salaried employee then simply show your bank statement as proof of income.
Keep ready a copy of all the documents for home loan approval before applying so that you don’t struggle at that time. Those who are applying in same bank where they have account may not need to produce a copy of all these documents.
Ask your bank service provider for details.