A Quick Checklist of Documents Required for Housing Loan
Many potential home buyers often wonder what leads to the rejection of their house loan application. Factors like good credit score, eligible monthly income, and proper submission of loan documents influence the merit of a potential home loan application.
This
blog mentions the list of documents required for housing loans based on property and
lending organisations, along with KYC submission, to receive prompt approval of
your home loan.
Documents mandatory for
a loan application
Besides
a duly filled loan application form, here's the list of papers you must submit
for a housing loan:
●
ID proof (Aadhar, PAN, Voter card)
●
Passport size recent photos (not older than 6-months)
●
Signature proof
●
Proof of residentship
●
Bank statement proof for previous 6-months
●
Proof of personal assets
●
Attaching property proof against which loan applied
●
Income proof
●
Filed income tax certification proof
Current
loan applications undergo digital verification. Preserve the submitted copies
for manual verification as a part of pre-loan approval vigilance.
House loan documents
for salaried applicants
Salaried
folks are the likeliest customers looking for affordable home loan offers.
Thanks to their regular source of income, they ensure smooth repayment.
Documentation required includes:
●
Salary proof (last 3-months)
●
Form 16 copy (IT returns deducted from salary)
●
Bank account statement (last 6-months)
●
CIBIL record
Self-employed
individuals can receive home loans upon submission of the following documents
that include:
●
Income source
●
PAN
●
GST No.
●
Credit history
●
Trade license copy
●
Proof of IT returns
●
Balance sheet copy
●
SEBI certification
●
Business association proof
●
Business registration proof (ROC copy)
Even
freelancers offering services qualify for availing home loans upon furnishing
the following documentation:
●
Income proof
●
IT returns copy
●
PAN No.
●
Nature of service provided
●
Bank statement (last 6-months)
What documents to
provide for buying pre-constructed properties?
Documents required for housing loans to cover pre-constructed resale properties often require
clearance of sales deed from the property authority for co-operative societies.
●
Allotment letter (confirming the new owner)
●
Land tax papers
●
A copy of the down payment receipt before handover
●
Encumbrance certificate (confirmation of a legal property)
●
NOC proof
●
Building plan proof of where the property belongs
●
Bank account statement to ensure EMI payments
●
For resale properties, copy of original documents to track the
first seller
●
Estimate of property brought to decide the home loan amount.
What documents to
furnish for under-construction properties?
Housing
loans for constructing your house vary from home loans for buying residential
properties. To furnish a construction-only/construction-to-permanent loan,
submit the following documents:
●
Copy of land rights
●
Permission for residential construction on farmlands
●
Building plan for the property against which loan applied
●
Builder's license copy
●
Clearance to begin construction
●
The estimated construction cost of the approved structure
●
Purchase papers of the construction land
Conclusion
Financing
residential properties through home loans is an affordable choice. Thanks to
low home loan rates, it's easy to buy a house or construct one while repaying
home loans, often extending to 20-years. If you are new to home loans, ask for
a certified home loan agent who would do the entire paperwork for you at a
meagre cost.
No comments: