The Right Documents You Need For A Smooth Home Loan Approval

Having a home is everyone’s dream. After finding the perfect home for you, the first step that will take you closer to your dream home is getting your home loan approved from the bank. Getting a home loan is an easy task these days. Some banks even provide online services to apply for a home loan.documents for home loan

You should be aware of the documents that are required for easy approval of your home loan.

Here is the checklist of documents for home loan:

  • Address Proof:  License / Registered Rent Agreement / Electricity Bill (up to 3 months old), Passport
  • Identity Proof: Passport / Driving License / Voter ID/ PAN
  • Financial Documents:
  • 3 months salary slip
  • 6-month bank statement
  • 2 year Form 16
  • Employment Appointment Letter: Required if the current employment is less than 1-year-old.documents for home loan

List of Common Documents

  • Complete Home Loan Application Form with one passport size photograph
  • Residence Address Proof: License / Registered Rent Agreement / Utility Bill
  • Income Proof: Form 16, Bank Statement, Salary Slip
  • Bank Statement: Past 6 months’ documents
  • Job Continuity Proof: Appointment Letter at employment and Validation Letter from HR
  • Investment Proof: LIC, Mutual Funds, Property Document etc
  • Property Documents: Sale Deed, Katha, Transfer of Ownership
  • Advance Processing Cheque: A canceled cheque for validation of bank account
  • Photo Identity Proof: Passport / Driving License / Voter ID/ PAN
  • Residence Ownership Proof: Sale Deed or Rental Agreement
  1. For Salaried Individuals:3-Month Salary Slip, Form 16 and Bank Statement
  2. For Self-Employed Individual: IT returns for the last 2 years along with computation of income tax for the past 2 years certified by a Chartered Accountant
  3. For Self-Employed Non- Professionals: IT returns for the last 3 years along with computation of Income Tax for past 2 years certified by a Chartered Accountantdocuments for home loan

Documents for Salaried Individuals
Increment/Promotion Letters
– Appointment Letter
– Payslip (Last 3 months) with Salary Account Bank Statement
– IT returns (for the last three years)
– Investment Proof (FD certificates, shares, any fixed asset)
– Documents supporting the financial background of the borrower (liabilities and assets if any)

– Form 16

Documents for Self-Employed / Professionals

– A brief introduction of your business/profession
– Balance Sheet, Profit And Loss Account Statement Of Income, Proof Of Income Tax Returns for the last 3 years certified by a CA
– Receipts of Advance Tax payments made (if any)
– A photocopy of Registration Certificate of Establishment under the Shops and Establishments Act/Factories Act
– Certificate of Practice for professionals such as doctors
– Proof of Investments (FD Certificates, Shares, any other fixed asset)

With this thorough preparation of documents, getting a loan approved will become easy and smooth. Use this as a guide, and get fast loan approval for your home by following it.

 

 

Prev
Next
0/5 (0 Reviews)

Leave a Comment