As of 2023, the specific documents required for a home loan may vary slightly depending on the lender and the type of property being financed. Basically, ID Proof and income proof are common documents required for a home loan. However, generally, the following are the common documents required for a home loan that borrowers typically need to submit:
Identity Proof:
- Aadhaar card
- Passport
- Voter ID card
- Driving license
- PAN card
Address Proof:
- Aadhar card
- Passport
- Voter ID card
- Utility bills (electricity, water, gas, etc.) not older than 3 months
- Bank account statements with the address mentioned (not older than 3 months)
Income Proof:
- Salary slips (last 3 to 6 months)
- Form 16 or Income Tax Returns (ITR) for the last 2 to 3 years
- Bank account statements reflecting salary credits (last 6 months)
- For self-employed individuals, audited financial statements, and ITR for the last 2 to 3 years
Employment Proof:
- Offer letter or appointment letter
- Employment contract (if applicable)
- Experience certificates (for the previous employment history)
Property Documents (for resale properties):
- Sale deed
- Chain of title documents (previous sale deeds)
- Encumbrance certificate for the last 30 years
Property Documents (for new properties from developers):
- Allotment letter from the developer
- Agreement to Sell
- Copy of the sanctioned plan and layout
Bank Statements:
- Bank account statements for the last 6 months, reflecting all transactions, including any existing loans or EMIs
Photographs:
- Recent passport-sized photographs of the applicants and co-applicants
Credit Score:
- A good credit score is essential for loan approval. Lenders may require a credit report to assess the creditworthiness of the applicant.
Other Documents:
- Cheque for processing fee (if applicable)
- Copy of the down payment made to the seller/developer
- Any other specific documents required by the lender
Keep in mind that the list of documents may vary based on the lender’s policies, the loan amount, the type of property, and the applicant’s employment status. It is advisable to check with the specific lender for their updated list of required documents before applying for a home loan. Additionally, maintaining accurate and organized documentation can streamline the loan approval process and increase the chances of a successful application.
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