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What are the documents required for a Home Loan Application?
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Easy access to home loans has made it easier for many people to buy their dream house. The process of getting a home loan has become more straightforward than it was in the past. That is why more people are preferring to take the help of a housing loan rather than using their savings to purchase a property. If you are also planning to get a home loan, you should start collecting the documents required for a home loan.
Submitting appropriate documents (for all applicants) along with your application is a critical part of the home loan application process. Here are the documents that are required for processing a home loan application:
Identity proofs
The documents containing your full name and issued by concerned authority is considered as identity proof, which, typically, can be one of the following documents,
Address proofs
The documents containing your address (Current & Permanent) and issued by concerned authority is considered as address proof, which, typically, can be one of the following documents,
Income documents
Lenders consider your income as one of the factors to decide your housing loan eligibility. Therefore, submitting appropriate income proofs is a critical part of home loan documentation.
In India, different income proofs are required to be submitted by salaried employees and self-employed individuals. Here is the list of income proofs,
Salaried Employees
Self-Employed Individuals
Salary slips of last three months
Business establishment certificate
Bank statements for the last six months
Trade license certificate
Form No 16 and ITR for last years
PAN card of the business
Partnership Deed
Form No 16 and ITR for last years
Income Tax Return along with calculation for the last 3 financial years
Bank statement of any other bank a/c for the last 6 months
Balance sheet (Certified by Chartered Accountant)
Details of loan availed with track record
Profit and Loss statement (Certified by Chartered Accountant)
Bank statement of the last six months of current accounts
Lastly, many times, the lender might also ask educational qualifications in both cases.
Property related documents
If you have identified the property before applying for a home loan, you need to submit all the documents related to it. These documents clarify it to the lender that the property is free from financial liabilities. If the property is in a cooperative society, the lender may ask you to submit a no-objection certificate (NOC) from society.
Home loan application form
You can obtain this form from the financial institution that you have chosen as your lender. You need to fill the details asked on the form, which are mainly full name, address, etc.
If you are applying for a home loan along with a co-applicant, you need to provide his/her details as well. While submitting the filled form, you need to attach your photograph, along with the photograph of other applicants.
Lastly, the lender will ask you to pay home loan processing fees to submit your home loan application form along with the above documents.
Additional Read: Guide for Home Loan Sanction and Disbursement Process
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