Applying for a home loan requires careful preparation, and having the right documents ready can streamline the approval process. Lenders assess your financial stability, repayment capacity, and property details before granting a loan. Here’s a comprehensive list of documents typically required for a home loan application.
- Identity Proof
Lenders require valid identification documents to verify your identity.
Accepted Documents:
- PAN Card (Permanent Account Number)
- Aadhaar Card
- Voter ID
- Passport
- Driving License
- Address Proof
Your residential address must be verified through legal documents.
Accepted Documents:
- Utility Bills (Electricity, Water, Gas, etc.)
- Aadhaar Card
- Passport
- Voter ID
- Rent Agreement (if applicable)
- Income Proof
Lenders assess your financial capacity based on your income documents.
For Salaried Individuals:
- Last 3 to 6 months’ salary slips
- Form 16 or Income Tax Return (ITR) of the past 2 years
- Bank statements of the last 6 months (salary account)
For Self-Employed Individuals:
- Income Tax Returns (ITR) of the past 3 years
- Profit and Loss Account & Balance Sheet for the last 2 to 3 years (audited if applicable)
- Business registration documents
- Bank statements of the last 6 to 12 months
- Employment Proof
Lenders verify employment status for loan approval.
Accepted Documents:
- Offer Letter and Employment Contract (for newly employed)
- Experience Letter (if applicable)
- Business License (for self-employed individuals)
- Property Documents
The property you are purchasing must be legally verified.
Required Documents:
- Sale Agreement or Allotment Letter from the builder
- Title Deed or Ownership Documents
- Approved Building Plan
- No Objection Certificate (NOC) from relevant authorities
- Property Tax Receipts
- Encumbrance Certificate (shows property is free from legal liabilities)
- Loan Application Form
Every lender requires a duly filled home loan application form along with passport-sized photographs.
- Credit Report
A credit report from agencies like CIBIL, Experian, or Equifax helps lenders assess your creditworthiness.
- Other Supporting Documents
Depending on the lender and loan type, additional documents may be required.
Examples:
- Guarantor details (if applicable)
- Power of Attorney (if property is bought in another person’s name)
- Life Insurance Policy (some lenders may require this as collateral)
