Documents Required for a Home Loan

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Home loan applicants, whether salaried or self-employed, need to submit a certain set of documents to get their home loan application approved. Here is a comprehensive list of documents that one is required to submit while applying for a home loan:

1. Duly filled and signed home loan application form

2. Proof of Identity (any one of the following):

Aadhaar Card
Voter ID Card
PAN Card
Passport
Driving Licence

3. Proof of Residence (any one of the following):

Aadhaar Card
Voter ID Card
Bank Passbook
Ration Card
Passport
Utility bills (telephone bill, electricity bill, water bill, gas bill)
Insurance Policy Receipt
Letter from a recognised public authority verifying the applicant’s address

4. Proof of Age (any one of the following):

Aadhaar Card
PAN Card
Passport
Birth Certificate
Class 10th Marksheet
Bank Passbook
Driving Licence

5. Proof of Income:

a) For Salaried Applicants -

Form 16
Certified letter from the employer
Payslips for last 2 months
Appraisal/Promotion letter
IT returns for past 3 years
Investment proofs (if any) like FDs, shares, etc.

b) For Self-Employed Applicants -

Income Tax Returns (ITR) for last 3 years
Business Licence Details
Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a Chartered Accountant)
Licence of Professional Practice (for doctors, consultants, etc.)
Registration Certificate of Establishment (applicable for shops, factories, and other establishments)
Proof of business address

Property Documents Required for Home Loan

Apart from the KYC documents and proof of income documents, you also need to furnish some property-related documents. Here is a list of all the property documents that you need to submit along with your home loan application:

Deed of Sale or Sale Agreement or Share Certificate (original) in case the property is located in a cooperative society
Receipts for the taxes paid for the building and the land, certificate of possession, and certified sketch of the location of the property from revenue authorities
Allotment letter from the society/housing board/private builder
Receipts of advance payments in case of flat purchases
Certificate of non-encumbrance encompassing the last 12 or 30 years
Receipt of land tax payment and certificate of possession issued by the revenue authorities
Approved building plan (showing floor plan for flat purchase)
Original No Objection Certificate (NOC) issued under the ULC Act, 1976
Copy of relative order if agricultural land is being converted
No Objection Certificate (NOC) from builder/housing society
A detailed estimate of the construction cost
Letter from society/builder/housing board mentioning their bank and account details, for instalment remittance
Report from a lawyer as per the standard format
Report stating the valuation of property in the standard format by an empanelled valuer
Power of Attorney for collecting original documents of the property
In the event of the demise of the borrower:

Letter requesting handing over of the property documents from legal heir/nominee(s)
Letter relinquishing the right to legal heirs/nominees for property documents handover

What If An Important Document is Missing

In case you miss submitting an important document, it can lead to the dismissal of your loan application.

In case any of the documents required are missing, here are a few things you can do to get your loan processed seamlessly.

Ask your lender whether any alternate documents can be submitted to replace the missing document
In case you do not have a certain document with you at the moment, write a letter to the lender requesting time to procure the document without hindering the loan process

File an FIR if your documents are missing. This report can then be shown to the lender when you apply for the loan

Now that you have learnt about the various documents required, apply for a home loan now! Make sure to keep all the required documents handy, prior to applying for the loan for a smooth and seamless process. Once these are verified, your loan is likely to be approved. Don’t wait any longer, get started today!

What is the home loan documentation process?

The documentation process for a home loan is fairly simple. You can submit the required documents either as physical copies or you can also upload the soft copies of the same on the bank’s/NBFC’s website (most private sector banks and NBFCs allow submission of soft copies).

What documents are required to avail a home loan without ITR?

Approval of a home loan depends upon a number of factors like the applicant’s credit score, income, age, etc. You can get your home loan approved without submitting an ITR provided you furnish another proof of income such as salary slips, Form 16, increment/promotion letter, etc.

What are the basic documents required for a Home Loan?

The general documents include your Aadhaar card, PAN card, voter ID, passport and driver’s license, utility bills. Property documents include the sales deed or agreement/allotment letter, NOC from builder or society, possession/occupancy certificate, land tax receipt or construction cost estimate.

You also need to furnish your payment receipt to the seller/builder, bank account statements and passport-size photographs. Salary slips or certificates, IT returns and passbook copies may also be needed.

Can I get a home loan with no documents?

You will need to submit a certain set of documents to avail a home loan. However, some private sector banks and NBFCs would process your home loan with minimal documentation.