Raghav had been planning to avail a home loan for a long time. He had started saving for the down payment from the time he got a job. It was finally time to make his dream come true. He did all the adequate research and chose a lender that was offering him the best home loan. However, whenever he tried to submit his application, it was rejected due to minor mistakes, incomplete documents being the major ones.
When he shared his problem with a friend, he came to know that he was missing some documents. His friend helped him with a comprehensive list that helped him get approval instantly.
If you are looking forward to availing a housing loan, this comprehensive list of documents required for a home loan can be a great help. Read on.
Documents required for home loan
The documents required for home loan can be divided into three categories: Know your customer (KYC) documents, property documents and income documents. While property documents and KYC documents are common for both salaried and self-employed applicants, there is a separate set of income documents for both types of applicants.
KYC documents
Identity proof
You would need to submit documents that can help the lender verify your identity. The document you submit should be government approved and acceptable countrywide. You can submit the following as the identity proof:
- Aadhar card
- PAN card
- Driving licence
- Voter ID card
- Valid passport
Address address proof
Similarly, the lender would verify the address you mention on your application form with address proof. The following can be furnished as the address proof:
- Aadhar card
- Passport
- Driving licence
- Utility bills like electricity bill
- A bank statement that contains your address
You can also submit a rent agreement, Voter ID or any other document that contains your updated address.
Property documents
While availing a home loan, you would need to submit the following property documents to the lender.
- Sales deed
- Title deed
- No Objection certificate from builder/society
- Payment receipt certifying payment made to seller/builder
- Property tax recipes
- Maintenance receipt and electricity bills
- An approved copy of the building plan
- Occupancy certificate
- A detailed estimate of the construction cost
- Encumbrance certificate
Income documents:
| Salaried applicant | Self-employed applicant |
| Salary slip for last two months | Income tax returns with computation for the last two financial years |
| Bank statement for last six months | Audited Profit and Loss account and Balance Sheet duly attested by a Chartered Accountant for last three years |
| Investment proofs | Copy of the saving account of the applicant and current account statement of the business entity for the last six months |
| Form 16 or Income Tax Returns of the last three years. | Shop and establishment certificate |
| Partnership deed (partnership firm) or Memorandum of Association (company) | |
| VAT registration certificate | |
| Professional qualification certificate/Certificate of practice | |
| SEBI registration certificate | |
| PAN and Proof of address of the business |
Furnishing adequate documents is as important as fulfilling the home loan eligibility. You must ensure to submit accurate and updated documents to avoid home loan rejections. Though this is a comprehensive list, it would be best to check with your lender for any more documents that they may require.
