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Documents Required To Submit Along With Your Home Construction Loan
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Unlike home loans in which financial institutions provide finance to allow individuals to purchase the house of their dreams, a home construction loan is used by individuals who own a piece of land and plan on constructing their house on it. This is a long term loan and hence must not be taken lightly. There are a number of documents the individual has to provide along with an estimate of the cost of the construction. All these documents must be provided to the financial institution along with the application for the home loan for construction . The documents you need to submit are:
List of documents required for salaried individuals working with an organization
1. Salary slip of the last two months or the salary certificate with details about the incentives and overtime provided.
2. If the individual’s salary is above twenty thousand per month they must also provide the latest form- 16.
3. A copy of all the bank pass books and bank statements of the last three months.
4. A company profile in cases where the organization is not commonly known to the financial institution.
List of documents required for self employed businessmen and professionals
1. A copy of the last two years; income tax returns along with computation of income duty which has been attested by a chartered accountant.
2. A copy of the balance sheet, and profit and loss account of the company for the past two years which has been attested by a chartered accountant.
3. A business profile with the letter head of the firm.
4. Original bank statements of the savings, current and O/D account for the last six months.
5. A copy of the partnership deed, memorandum of associations and articles of associations if applicable.
When submitting these documents, the financial institution may ask for the original documents to be provided for verification purpose. The reason why all financial institutions ask for so much documentation is to ensure that the applicant can afford the home construction loan. There have been many cases where in individuals have provided false documents and in the end have not repaid the loan. This can prove to be a huge loss for the financial institution since a home loan for construction is generally believed to be long term loan. Before applying for such a loan you must find out all the documents the financial institution requires ensuring that your application for a home construction loan is approved immediately.
Author Bio :
Aishwarya Mahurkar is a seasoned writer regarding finance-related topics. Through her articles she helps individuals make better choices concerning housing finance industry. She writes about variety of topics covering wide range of home improvement loan application products that includes home construction loan, process, required documents, criteria to home loan for construction etc.
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