Documents Required for Home Loan
| Applicant | Co-Applicant 1 | Co-Applicant 2 | Co-Applicant 3 |
|---|---|---|---|
| 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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Bank statement |
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Last three months salary-slips (six months in case of NRI with variable salary) |
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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 |
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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.
The primary documents you will need to apply for a home loan in India are as follows:
Once the applicant has submitted the documents, the verification process begins.
Upon successfully verifying the documents, the bank either proceeds with the Loan Process or rejects the application. In the case of the latter, the bank communicates the reason for rejection to the applicant. Consequently, the applicant can rectify the application and approach the lender again.
Apply for a home loan today!
The registration document should be in English. It helps in easy verification and gets your loan sanctioned quickly.
To register an independent house, you need to submit the following documents -
No. It is not possible to avail a home loan at zero documentation. However, Kotak Mahindra Bank ensures a simple and quick home loan application and approval process with basic documents.
When applying for a home loan, generally last three years’ income tax returns with computation of income are required to be submitted.
Salary slip is an important document that banks expect salaried borrowers to submit. It is used as proof of income.
You can switch to lower rate of interest by paying switch fee to your existing lender. Lower rate of interest would reduce your home loan EMI.
It is usually charged on outstanding principle or undisbursed amount if any.
At Kotak Mahindra bank, switch fee is 0.5% with a capping of Rs. 10,000 + GST.
Income documents like salary slips, bank statements, ITR records are required when you apply for a home loan. Your income documents are used to determine how authentic your source of income is, and that you are financially capable to repay the home loan amount. Although income documents cannot directly reduce your housing loan EMI, a good and stable income can get you lower rates of interest. That in turn reduces the interest component of your EMI, lowering your overall monthly instalment.
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.
