Home Loan Documents Required, Complete Checklist for Housing loan check once before applying for a Housing loan…
It’s undeniably true that home loans will come in handy whenever you want to fulfil housing finance related needs. After all, they help you avoid the hassle that comes with saving money for years before purchasing your dream home. What’s even better, you don’t have to go through a lot simply because you want to apply for a home loan.
But before you take this route, it’s in your best interest that you understand what’s expected of you. Considering it happens to be a secured loan, you need to have the necessary documents in place before completing the application form. In this article, we will take you through some of the things you need to know before applying for a home loan.
List of Documents Needed for Home Loan
It is in your best interest that you know about every document needed before you can finally apply for a home loan. After all, this is the only way you stand a better chance of landing the home loan in the first place. To cut the long story short, below is a list of documents required to apply for a housing loan hassle-free.
Proof of Address Documents:
Some of the most notable documents that make it in this list include bank passbook, voter’s ID, Ration Card, LIC Policy Receipt, passport, Driving license and any utility bill you may have. Keep in mind the utility bills should be up to 3 months old.
Identify Proof Documents:
When it comes to identity proof, you need to have with you any PAN card, Passport, Aadhaar Card, voter’s ID card, or driving license.
Income documents are also a must-have when looking forward to applying for a home loan. You should however keep in mind the documents you need to submit depend on whether you are a salaried individual or self-employed. For salaried individuals, you need to have From 16, a certified letter from the employer, increment or promotion letter, IT returns for the past 3 years, not forgetting any of your payslips for the last 6 months.
Things tend to be different from self-employed individuals since they should submit important documents including:
- Income Tax Returns (ITR) of the last 3 years
- The license of Professional Practice
- Proof of business address
- Registration certificate of establishment
- Balance sheet and profit & loss account statement of the firm or company
Property documents are also a must-have when looking to take advantage of a home loan. They include;
- Occupancy certificate
- NOC from Society or Builder
- Detailed estimate of the cost of constructing the house
- Improved copy of the building plan
These are just but some of the documents you need to have with you before applying for a home loan. Other notable documents you should not forget include:
- Home loan application form
- 3 passport-sized photos
- Advanced processing cheque
With these documents in place, it will only be a matter of time before you complete the application form. Ensure you have everything in place before you get to do anything.