Documents Required for Home Loan
In a home loan process various documents are required to get loan sanctioned. Separate set of documents are required for Borrower, Guarantor and Property. Banks use these documents to calculate your Loan eligibility. Below is the list of documents to be submitted with bank while applying for a home loan.
List of papers / documents applicable to all applicants:
- Completed loan application.
- 3 passport size photographs (including those affixed in loan application)
- Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
- Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
- Proof business address, in case of non- salaried borrowers
- Statement of bank account for the last six months
- Signature identification from present bankers
- Personal Assets and Liabilities Statements in Bank’s standard format.
- Brief write up of securities charged in respect of other loans availed from other Banks/ Housing & Auto Finance Companies /other sources.
For NRI/PIO borrowers:
- Completed loan application.
- Passport size photographs (including those affixed in loan application)
- Copy of passport including page containing visa stamping
- Copy of valid work permit.
- Copy of employment contract ( and English translation duly attested by employer / consulate / embassy /our foreign office if it is in any other language )
- Latest salary certificate in original or proof of income in case of self employed / professionals.
- Copy of identity card issued by the employer.
- Proof of residence (driving license / utility bills etc.)
- Copy of continuous Discharge Certificate in respect of applicants employed in merchant navy.
- Brief write up on employment profile for the last 10 years.
- Brief write up on the company / institution where employed i.e. its constitution, activity.
- Employee base sale / net profit (approx) etc.
- Statement of overseas bank account for the last six months which reflect credit of salary, savings etc.
- Power of Attorney, if applicable, duly stamped and notarized / attested by Indian Embassy / Consulate.
For guarantor (wherever applicable):
- Personal Assets and Liability Statement
- 2 passport size photographs
- Proof of identifications as above
- Proof of residence as above
- Proof business address as above.
- Signature identification from his / her present bankers.
Additional documents required for salaried persons:
- Original salary certificate for last month.
- TDS certificate- Form 16 or copy of I.T. Returns for the last two financial years, duly acknowledged by I.T. Department.*
For professional /self- employed / businessmen
- Three years I.T.Returns duly acknowledged by I.T Department/ I.T. Assessment Orders for computation of income*
- Copies of challans in respect of advance payment of income tax*
(* photocopies to be kept for bank records after verification of the originals with suitable nothing regarding verification of the original)
- Sale Deed, Agreement of Sale. Original Share Certificate(s) issued by the society.
- Land and Building tax paid receipts, possession certificate, and location sketch of property certified by revenue authorities.
- Letter of allotment from Housing Board /Society/ Private builder.
- Original receipts regarding advance payments towards purchase of flat.
- Non encumbrance certificate for the last 12/30 years.
- Original of land tax paid receipt and possession certificate issued by the revenue authorities.
- Copy of permission from Appropriate Authority and approved building plan (and also key plan / floor plan in case of purchase of flats)
- Original NOC under ULC Act 1976
- Copy of the relative order in case of conversion of agricultural land.
- Original No objection certificate from Housing Society / Builder
- Detailed estimate of cost of construction of House
- Letter from the Builder / Society /Housing Board intimating their account number and name of their bankers, for remittance of installments.
- In case of loan granted for purchase of plot of land, declaration by the borrower agreeing to construct the house within the stipulated period.
- Lawyer’s report as per the standard format (Bank’s of Instructions)
- Valuation report from empanelled valuer as per standard format.
- Quick Tip 1: Please keep xerox/scanned copies of all original documents which you submit to bank, as there are cases where banks have lost the entire file along with documents.
- Quick Tip 2: Please make 2 set of all xerox copies to be submitted to bank. Keep with you, other submits to bank. During the loan processing bank may loose any copy, if this happens, it will delay your loan sanctioning. PSU Banks often ask this before you start documentation process.
- Filled Original Application form along with self attested photographs.