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List of Documents Required for Home Loan
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Proof type |
Document |
Salaried Individuals |
Self Employed Professionals (SEP) |
Self Employed Non- Professional (SENP) / Co. / HUF/ Partnership Firm / LLP |
Non-Resident Indians (NRI’s)* |
|---|---|---|---|---|---|
Bank Statements/ passbook copy |
Bank statement/pass book copy |
✔ |
✔ |
✔ |
✔ |
Age proof |
Passport |
✔ |
✔ |
✔ |
✔ |
Driving license |
✔ |
✔ |
✔ |
✗ |
|
School leaving certificate |
✔ |
✔ |
✔ |
||
Birth certificate |
✔ |
✔ |
✔ |
||
Voters identity card |
✔ |
✔ |
✔ |
||
PAN card |
✔ |
✔ |
✔ |
||
Income Proof |
Last 3 month's salary slips |
✔ |
✗ |
✗ |
✗ |
Form 16 of latest 1 assessment year |
✔ |
||||
Latest 3 years income tax returns, personal and business along with computation of income. |
✗ |
✔ |
✔ |
✗ |
|
Latest 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant. |
✔ |
✔ |
✗ |
||
Business/Service/Profession Proof |
Professional experience / Business or Partnership existence proof |
✔ |
✔ |
✔ |
✔ |
Repayment Proof |
Repayment track record (RTR)/Proof wherever Applicable |
✔ |
✔ |
✔ |
✔ |
Property Proof |
All Property documents |
✔ |
✔ |
✔ |
✔ |
Other Proof |
Degree certificate |
✗ |
✔ |
✗ |
✗ |
Registration Proof with Tax authorities as applicable to type of Business |
✗ |
✗ |
✔ |
✗ |
Checking the eligibility for your Home Loan and the EMI that you have to pay is now easier. You can do so by using the Kotak Home Loan EMI Calculator. You only need to know your Kotak Home Loan’s interest rates and the processing fees and charges you paid for it.
For borrowing a home loan from Kotak Mahindra Bank the home loan documents list is:
ITR-related documents are always included in the list of documents for home loan. Your ITR reflects your repayment capacity, which the lenders are looking for in an applicant. That’s why it is one of the most important home loan required documents.
A salary slip is part of the home loan requirements. It is proof of employment and income which strengthens your chances of getting a home loan. However, in case the applicant is unable to produce a salary slip, the bank or lending institution will ask for a bank statement and complete ITR details. Home loan documents related to salary are important as they also indicate your repayment capacity.
A low rate of interest can lower your monthly installments. So, it’s best to switch to a lower rate of interest if you want to reduce your EMI. For this, you need to pay a switch fee to your existing lender. The fee is charged on outstanding principal or undisbursed amount (if any). At Kotak Mahindra Bank, the switch fee is 0.5% with a capping of Rs. 10,000 + GST. Visit home loan fees and charges page to know more.
While allotting a home loan to any applicant, the very first thing banks and lending institutions look for is financial stability and repayment capacity. Documents required for home loan include bank statements, salary slips, and ITR are great indicators of such factors. Although the income documents don’t reduce the EMI directly, a good and stable income can surely help to bring down the interest rate, which, in turn, reduces the overall EMI.
Upon submitting the list of documents for home loan, the bank or lending institution initiates the verification process in the following steps:
Based on the verification, the bank can either proceed further or reject the application.
It is always recommended to submit home loan required documents in English language. The person in charge of handling your application process may not be adept in your regional language, which can cause complexity and delays. However, if you use English as the language, the verification will be easy and the disbursement will be quick. The registration document should be in English. It helps in easy verification and gets your loan sanctioned quickly.
To register an independent house you are required to submit the following home loan documents:
No. It’s not possible to get a home loan without submitting any documents. Taking a home loan is a huge undertaking. Like the applicant, the banks or lending institutions also understand this. Therefore, they want to make sure that the applicant, to whom they are sanctioning the home loan, is capable of repaying the entire loan amount or not. That’s why they ask the applicant to submit a list of documents for home loan. So, before applying, ensure to check the home loan documents list.
In order to procure a home loan, the applicant must go through an important part of the application process, documentation. At this stage, the applicant should submit the home loan documents. These documents include income proof, age proof, address proof, etc. The bank or lending institution then starts the verification process that includes:
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
To encourage women home buyers, Kotak Mahindra Bank offers affordable housing loans for women.
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
