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Prepare Your Paperwork – Documents You Need To Have For A Home Loan

By Author: Aishwarya Mahurkar
Total Articles: 291

When you are applying for a home loan, there are a number of documents you will be required to submit to the bank along with your home loan application. The documents required for a home loan will include documents about the property being purchased, income statements and identity proof. Here is a detailed list of the documents the bank requires:

Identity proof

An applicant will required to provide 3 passport photographs along with the home loan application. Copies of the applicants Aadhar card, passport, driver’s license, PAN card or voter’s ID.

Proof of residence

An applicant is also required to provide proof of their current residence. One can provide a copy either their Voter’s ID, passport, electricity bill or the telephone bill.

An applicant will also be required to provide documents for proof of business address, bank statements of the last six months and a personal assets and liabilities statement in the bank’s format.

Property documents

• The sales deed and original share certificate which has been issued by the society.
• The letter of allotment which is issued by the housing board or society or private builder.
• A detailed estimate of the cost of the construction of the house
• Original receipts of advance payments made by the applicant for the purchase of the flat

Banks however have different documents required for a home loan for NRI borrowers:

• Copy of identity card issued by the current employer
• A copy of the valid work permit
• An English translation of the copy of the employment contract
• The statements of the overseas bank account for the last six months
• A brief write up of the employment profile for the last ten years and a write up about the company
• Passport copy including the valid residence visa page
• Salary slips of the past 3 months.
• Copy of continuous discharge certificates
• Power of Attorney if the home loan applicant is not in the country to sign documents.

It is extremely important for an applicant to have all their documents in hand before they apply for a home loan. The documents required for a home loan by the bank is one of the factors considered when the bank studies a loan application. Property documents are required to ensure the loan amount being applied for is not more than the actual value of the house being purchased. The other documents are needed to check if the applicant can afford the loan, their credit history, have they made any defaults in payments in the past and also to ensure that no fake identification is being provided.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the Home loan and the documents required for a home loan.

Total Views: 56Word Count: 445See All articles From Author

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