All the Documents Required to Apply for a Home Loan

Posted by Nitin Arora
1
Mar 18, 2016
304 Views
While it is great that you found a beautiful home for yourself and have identified a lender, it is very important that your documents are in place for a smooth loan application processing.

Documents required for home loan application processing are almost similar across all banks and Non-Banking Financial Companies (NBFCs). However, lenders may have specific requirements in addition to documents mentioned below. It is advisable to check with your lender for the same.

All applicants are required to present the following documents whether you are applying for an online home loan or a home loan in person:

  • Application form: duly signed
  • Three passport size photographs 
  • Know Your Customer (KYC) documents:
Name and date of birth proof:PAN card / passport/ driving license

Address proof: Passport /electricity bill/electoral ID card

Signature proof: Identification of signature from a current bankers

Identity proof: Electoral ID card / passport / driving license / PAN

  • In case you are non- salaried borrowers, you need to provide proof of business address.
  • Income documents:
If salaried: Salary slips, Form 16 and bank statement of the last 2 yrs

If self-employed: Bank statement for the last 2 yrs & your IT Returns

  • A statement of personal assets and liabilities
  • Information about any other loans availed from banks and/or NBFCs.
  • Processing fee cheque
  • Property documents:
1. Agreement of sale, sale deed, original share certificate(s) and possession certificate.

2. Receipts of land and building tax paid.

3. A certified sketch of the location of the property.

4. Letter of allotment from society, housing board or private builder.

5. Original receipts of any advance payments towards the purchase of a flat.

6. A certificate of non-encumbrance for the last 12/30 years.

7. Original possession certificate.

8. Original land tax receipt issued by the revenue authorities.

9. Copy of approved building plan

10. In the event that it is a case of conversion of agricultural land, a copy of the relative order.

11. Under ULC Act 1976, an original No Objection Certificate (NOC) is required from either the housing society or private builder.

12. An estimate with details of the cost of construction of house.

13. For the purpose of installment remittance, a letter is needed with details such as, the name of the banker, account number from the society, builder or the housing board.


Although, this list can seem overwhelming, these are standard documents that you should have with you when you buy a house and therefore, it should not be difficult to gather these documents for the loan application processing of your dream home.

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