Top 5 Important Documents Required for Availing Home Loan
To qualify for a home loan, applicants are required to meet home loan eligibility criteria and submit a list of documents requested by the financial institutions. Keeping the documents required for home loan handy saves applicants many hassles and streamlines the verification process.
Though the set of documents may vary from one financial institution to another, these are among the top 5 common documents required to back up home loan eligibility –
- Proof of identity
KYC documents like PAN, Aadhaar, Voter ID, passport, driving license, etc.
2. Proof of income
Documents that serve as proof of income for salaried applicants include — salary slips, Form 16, bank statements, etc. On the other hand, self-employed individuals have to submit documents like bank statements, profit & loss statements, balance sheets, etc.
3. Proof of address
Aadhaar card, PAN, utility bills, ration card, passport, etc., are accepted as address proof of applicants by the financial institutions.
4. Proof of employment/business
Salaried employees may submit their employment ID card, salary slips, company ID, etc., as proof of employment. On the other hand, self-employed home loan applicants can submit proof of business and its vintage-like GST registration certificate, trade license, PAN, etc.
5. Property Documents
Applicants also have to submit valid documents of the property in question. For instance, most lenders require applicants to submit a sale agreement, allotment letter, payment receipt made out to developer or agent, NOC, etc.
Besides these, applicants must submit passport-sized photographs to complete the home loan application process online. Intending borrowers should determine whether they would need to submit any additional documents to avail a housing loan.
Once they have accumulated the documents required for home loan, they should proceed to check whether they contain accurate details or not and then proceed to submit the same to the lending institution.
However, it is advised to check loan eligibility before applying for a housing credit and determine one’s repayment capability with a home loan EMI calculator to make an informed decision.
