The first step to owning a house is finding your dream home. However, if you are banking on home loans to move into your dream home, you need to first shortlist the lender. The lender can impact your overall experience and help you move into your house in no time. Once you have finalised your lender, it is time to start working on the formalities that include meeting their eligibility, filling out forms and furnishing the documents.
Documentation is an indispensable part of the home loan process. It helps the lenders gather details about you and determine your eligibility. Once they review your documents, they decide if they can approve your loan application. Therefore, you must be very careful while submitting documents to a lender.
Here is a list of home loan documents you must keep handy while applying for a home loan.
|You can submit a copy of any of the following document as identity proof:
● Driving license
● Voter ID card
● Valid passport
|You can submit a copy of any of the following document as address proof:
● Driving license
● Utility bills like electricity bill
● A bank statement that contains your address
Rent agreement, Voter ID or any other document that contains your updated address is also accepted.
|You need to furnish proper property documents, duly acknowledged and updated to apply for a home loan.
● Maintenance receipt and electricity bills
● An approved copy of the building plan
● Occupancy certificate
● A detailed estimate of the construction cost
● Encumbrance certificate
● Sales deed
● Title deed
● No Objection certificate from builder/society
● Payment receipt certifying payment made to seller/builder
● Property tax recipes
Following are two separate lists of income documents required for availing a housing loan for salaried and self-employed applicants.
|Salary slips for last three 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
|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
|PAN and Proof of address of the business
Availing a home loan is simple and easy if you fulfill all the formalities as required. Therefore, you must ensure that the documents you submit are updated and contain accurate information. So, wait no more. Arrange the documents required for home loans and avail a home loan hassle free.