What is the list of documents required for a home loan?

Posted by harishchalke on February 1st, 2021

Whether people are planning to buy a house for the first time or looking to expand their current residence, there is a wide range of home loans to help them. Buying property is not a short-term investment for fulfilling only immediate needs. It is an investment that will continue to give returns for a lifetime. A home is safe and provides shelter to millions of families.

It provides utmost comfort and peace and has the highest regards in terms of investments. There are many banks and moneylenders offering home loans to people. They check all the documents required for home loan at the time of approval, credit history and other factors. In the case of online applications, there is minimal paperwork with flexible EMI plans.

There are different requirements for home loan documents for various lenders and applicants. The profession and income vary, and so do the eligibility. Here are the categories of individuals eligible and the list of documents to submit:

SALARIED INDIVIDUALS:

  • Their age should be between 24 years and 65 years
  • Their minimum earning should be INR 30,000 per month with at least two years of working experience
  • The documents to submit are age proof, photo identity proof, address proof, salary slips for the last three months or appointment letter / yearly increment letter / certified true copy of Form 16, last six months’ salary account statements, existing home loan details (if any), and a processing cheque from the salary account

 

SELF-EMPLOYED INDIVIDUALS:

  • Their age should be between 24 years and 65 years
  • The working experience for entrepreneurs is a minimum of three years in the current field of occupation
  • A list of documents required for home loan for individuals under this category are age proof, photo identity proof, address proof, copies of the last two years of income tax returns, registration certificate for business commencement, copies of the previous three years Profit and Loss (P/L) projection statement, existing loan details (if any), and a processing fee cheque issued from the business account

Loan applicants must remember that the documents and eligibility criteria differ from lender to lender. They also offer the loan seeing the current market rates and the economic situation. Many banks and financial institutions also have an online loan application facility, where loan applicants can submit the home loan apply document online without wasting time. They can also get instant approval and save the hassle of excessive paperwork.


harishchalke

About the Author

harishchalke
Joined: December 21st, 2020
Articles Posted: 7

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