A Comprehensive Checklist of Documents Required for a Home Loan

Buying a house is no longer a dream that can be fulfilled only if you are filthy rich. Anyone can buy a house today, thanks to home loans. Home loans have made it easier for people to buy their own property and live with dignity. It allows them to choose a house they need and lets them comfortably pay the cost of a house purchase over a longer duration. Also, applying for a home loan is extremely simple and easy. You can just visit the lender’s website, fill out the application form, furnish the documents and you are done. If you have fulfilled all the formalities as required, you will get approval within hours, and the home loan amount in a day or two. However, the only thing that can delay your home loan process is furnishing the complete documents. You must ensure to furnish the required documents to get approval from the lender.

Here is a comprehensive list of documents you would need to avail a home loan. Read on.

KYC documents – This includes your identity and address proof. You can furnish the following documents as identity and address proof –

Identity proof

A copy of any of the following:

  • Aadhaar
  • PAN
  • Driving license
  • Voter ID
  • Valid passport

Address proof

A copy of any of the following:

  • Aadhaar
  • Passport
  • Driving license
  • Utility bills like electricity bill
  • A bank statement that contains your address
  • Rent agreement
  • Voter ID

Property documents

A list of property documents is given below. You need to furnish updated property documents required for a housing loan to get an approval.

  • 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

Income documents

You also need to furnish income documents with the home loan application as proof of your repayment capacity.

For a salaried applicant

  • Salary slips for last three months
  • Bank statement for the last six months
  • Investment proofs
  • Form 16 or Income Tax Returns of the last three years

For a self-employed applicant

  • Income tax returns with computation for the last two financial years
  • Audited Profit and Loss account and Balance Sheet duly attested by a chartered accountant for the last three years
  • Copy of the saving account of the applicant and current account statement of the business entity for the last six months
  • 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

To ensure that your application is approved, you must submit updated and complete documents. Your documents should have all the accurate information and should be updated till the latest date. You must know that the document list could differ based on the lender you choose. Therefore, enquire about the documents from the lender before you apply for home loan.

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