Before applying for a home loan, there are certain property documents, proof of income, and KYC details that you need to provide to the lender. What are the home loan required documents? Let’s find out!
Property Documents You Need for a Home Loan
Whether you are a working professional or a self-employed businessman, lenders need identity and income proof to process the loan.
Some acceptable identity proof documents include Aadhar, Passport, or Driver’s License.
For income proof, you would require Income Tax (IT) returns or Profit & Loss Statements depending on the applicant’s category. Here are some additional documents you need to provide:
Clear title to the property
No Objection Certificate from the housing society or builder
Original share certificates for cooperative housing societies and sale agreements for other properties Sanctioned floor plans
Municipal tax receipts along with NOC (No Oustanding Certificate)
Approximate cost of construction
Allotment letter from builder/housing board/society
Permission from appropriate bodies/authorities
Plot purchase application
Lawyer’s standard report
The bank may request any other document depending on the requirements of their legal team. You can go online and check your home loan eligibility before applying for one.
Salaried Individuals
In addition to the standard home loan required documents, here are some additional documents that a salaried individual needs to provide:
Original salary certificate from the employer
Last two years’ income tax returns and Form 16
Last three months’ bank statements
Self-Employed Individuals
For self-employed individuals like businessmen and shop owners, the following documents are mandatory:
Last three months’ IT returns or assessment orders
Income tax challans as proof of payment, including advance tax
Proof of business address like electricity bills or leave and license agreements. The address should match the one provided in the certificate of registration.
NRI
If you are a Non-Resident Indian, then the home loan required documents are as follows:
ID card from an employer
Passport and visa (attested copies)
Current foreign address proof
OCI or Overseas Citizen of India card (self-attested copy)
Completed loan application form with three passport-size photographs
Passport, driving license, or Voter ID card as Proof of Identity
Passport, Aadhar card, driving license, electricity bill, or telephone bill as Proof of Residence
Property-Related Documents:
NRIs require the following property documents:
Permission related to construction
Allotment letter or registered agreement for sale (for Maharashtra) or stamped sale agreement Certificate of occupancy
Sanctioned floor plans and deed of conveyance
Proof of payment to the seller or builder in the form of payment receipts or bank statements
Documents Need for Home Loan Application for Resale Flat
Instead of buying an under-construction property, you might go for a resale flat. Here are the home loan required documents for such cases:
Title to the property
Bank NOC or No Objection Certificate
Share certificate for cooperative housing society flats
Possession certificate
Deed of sale
NOC or No Oustanding Certificate from the appropriate authority of the Cooperating housing society or building association
Municipal tax receipts and NOC (No Oustanding certificate)
Certificate of possession
Building approval certificate
Encumbrance certificate
Streamline the application process for a home loan by preparing all necessary documents.
FAQs
What Documents Do You Need to Apply for a Home Loan?
The basic documents that lenders need to sanction a home loan are as under:
ID proof
Address proof
Proof of educational background
Age proof
What Documents Do Salaried Individuals Need to Provide?
Salaried individuals need to provide the following:
IT returns
salary slip
salary certificate
Form 16
What Documents are Important for Self-Employed Individuals?
Self-employed applicants need to provide the following:
Balance Sheet & Profit and Loss statement
Proof of business
IT Returns
Are NRIs eligible for a Home Loan?
Yes, NRIs are eligible for home loans.
Conclusion
Home Loans can make your dream of owning a home a reality. However, eligibility requirements differ from bank to bank. Compare home loan offers online and choose the lowest home loan interest rate.Â
Make sure you have all the required documents at hand before you apply for a home loan online. Check the eligibility criteria, and get the home loan you need!
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