Documents Required for Home Loan
| Documents Required for a Home Loan | Salaried Professional | Self-employed Professional (SEP) | Self-employed Non-professional (SENP) | Co. / HUF / Partnership Firm / LLP | Non- Resident Indians (NRI) |
|---|---|---|---|---|---|
Application form with photograph duly signed |
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PAN card |
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Aadhaar card |
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Passport |
✔ |
✔ |
✔ |
✔ |
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Residence proof copy |
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✔ |
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Bank statement |
✔ |
✔ |
✔ |
✔ |
✔ |
Last three months salary-slips (six months in case of NRI with variable salary) |
✔ |
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✔ |
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Form 16 and income tax |
✔ |
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Job confirmation proof |
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Relationship proof |
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Proof of business existence |
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Business profile |
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Business reference—recommendatory |
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Power of attorney |
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Information regarding loan availed with its track record (if any existing loans) |
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Education qualification certificate and proof of business existence |
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Last three years income tax returns (ITR) with computation of Income |
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Last three years’ balance sheet and profit & loss account certified/audited by a CA. |
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All property documents (chain) with sanction map |
✔ |
✔ |
✔ |
✔ |
✔ |
Checking the eligibility for your Home Loan and the EMI that you have to pay is now easier. You can do so by using the Kotak Home Loan EMI Calculator. You only need to know your Kotak Home Loan’s interest rates and the processing fees and charges you paid for it.
For borrowing a home loan from Kotak Mahindra Bank the home loan documents list is:
ITR-related documents are always included in the list of documents for home loan. Your ITR reflects your repayment capacity, which the lenders are looking for in an applicant. That’s why it is one of the most important home loan required documents.
A salary slip is part of the home loan requirements. It is proof of employment and income which strengthens your chances of getting a home loan. However, in case the applicant is unable to produce a salary slip, the bank or lending institution will ask for a bank statement and complete ITR details. Home loan documents related to salary are important as they also indicate your repayment capacity.
A low rate of interest can lower your monthly installments. So, it’s best to switch to a lower rate of interest if you want to reduce your EMI. For this, you need to pay a switch fee to your existing lender. The fee is charged on outstanding principal or undisbursed amount (if any). At Kotak Mahindra Bank, the switch fee is 0.5% with a capping of Rs. 10,000 + GST. Visit home loan fees and charges page to know more.
While allotting a home loan to any applicant, the very first thing banks and lending institutions look for is financial stability and repayment capacity. Documents required for home loan include bank statements, salary slips, and ITR are great indicators of such factors. Although the income documents don’t reduce the EMI directly, a good and stable income can surely help to bring down the interest rate, which, in turn, reduces the overall EMI.
Upon submitting the list of documents for home loan, the bank or lending institution initiates the verification process in the following steps:
Based on the verification, the bank can either proceed further or reject the application.
It is always recommended to submit home loan required documents in English language. The person in charge of handling your application process may not be adept in your regional language, which can cause complexity and delays. However, if you use English as the language, the verification will be easy and the disbursement will be quick. The registration document should be in English. It helps in easy verification and gets your loan sanctioned quickly.
To register an independent house you are required to submit the following home loan documents:
No. It’s not possible to get a home loan without submitting any documents. Taking a home loan is a huge undertaking. Like the applicant, the banks or lending institutions also understand this. Therefore, they want to make sure that the applicant, to whom they are sanctioning the home loan, is capable of repaying the entire loan amount or not. That’s why they ask the applicant to submit a list of documents for home loan. So, before applying, ensure to check the home loan documents list.
In order to procure a home loan, the applicant must go through an important part of the application process, documentation. At this stage, the applicant should submit the home loan documents. These documents include income proof, age proof, address proof, etc. The bank or lending institution then starts the verification process that includes:
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
You can avail a Personal Loan from Kotak with the same documentation to meet unexpected expenses.
To ensure timely Home Loan repayments and ensure extended benefits, open a Savings Account from Kotak.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
