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Ease Your Home Loan Application By Ensuring to Keep These Key Documents Ready Beforehand!
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Home loans can help you get the house of your dreams without depleting your savings. With home loans, you can be assured that your budget would not be significantly affected even if you plan to buy a house property. Moreover, the process is simple and fast. You can visit the lender's website or app, fill out the application form, complete the formalities and get instant approval. However, every step in the home loan application process is crucial, and you must be careful not to make any mistakes. For example, the documentation helps lenders validate and authenticate your information. Therefore, it should be updated and accurate. If you furnish incomplete documents, your application could be rejected. On the other hand, providing complete documents can ease and quicken your home loan application process. Read on to know the documents you should keep ready for home loans.
Documents Required For a Home Loan
While a few documents are uniform for all applicants, there is a different set of income documents for the salaried and self-employed application.
1. KYC documents
The first step of documents requires you to prove your identity and address proof. You can furnish any identity documents admissible by the government and universally accepted.
2. Identity proof
You can submit a copy of any of the following document as the identity proof:
3. Address proof
You can submit a copy of any of the following document as the identity proof the address proof:
Rent agreement, Voter ID or any other document that contains your updated address is also accepted.
4. Property documents
You need to furnish proper property documents duly acknowledged and updated to apply for a home loan.
5. 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
A home loan can be extremely useful when you are looking forward to buying your dream home but do not have enough savings. However, you must furnish updated documents required for a home loan to help lenders review your creditworthiness. Once you have all the documents, you just need to scan them and upload them online with the application form.
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