19 APRIL, 2022

Home loans can help you get the house of your dreams without depleting your savings. With home loans, you can be assured that your budget would not be significantly affected even if you plan to buy a house property. Moreover, the process is simple and fast. You can visit the lender's website or app, fill out the application form, complete the formalities and get instant approval. However, every step in the home loan application process is crucial, and you must be careful not to make any mistakes.  For example, the documentation helps lenders validate and authenticate your information. Therefore, it should be updated and accurate. If you furnish incomplete documents, your application could be rejected. On the other hand, providing complete documents can ease and quicken your home loan application process. Read on to know the documents you should keep ready for home loans.

 

Documents Required For a Home Loan

 

While a few documents are uniform for all applicants, there is a different set of income documents for the salaried and self-employed application.

 

1. KYC documents

The first step of documents requires you to prove your identity and address proof. You can furnish any identity documents admissible by the government and universally accepted.

 

2. Identity proof

You can submit a copy of any of the following document as the identity proof:

  • Aadhar card
  • PAN card
  • Driving licence
  • Voter ID card
  • Valid passport

 

3. Address proof

You can submit a copy of any of the following document as the identity proof the address proof:

  • Aadhar card
  • Passport
  • Driving licence
  • Utility bills like electricity bill
  • A bank statement that contains your address

Rent agreement, Voter ID or any other document that contains your updated address is also accepted.

 

4. Property documents

You need to furnish proper property documents duly acknowledged and updated to apply for a home loan.

  • Maintenance receipt and electricity bills
  • An approved copy of the building plan
  • Occupancy certificate
  • A detailed estimate of the construction cost
  • Encumbrance certificate
  • Sales deed
  • Title deed
  • No Objection certificate from builder/society
  • Payment receipt certifying payment made to seller/builder
  • Property tax recipes

 

5. Income documents

 

Salaried applicant

Self-employed applicant

Salary slip for last two months

Income tax returns with computation for the last two financial years

Bank statement for last six months

Audited Profit and Loss account and Balance Sheet duly attested by a Chartered Accountant for last three years

Investment proofs

Copy of the saving account of the applicant and current account statement of the business entity for the last six months

Form 16 or Income Tax Returns of the last three years.

Shop and establishment certificate

 

Partnership deed (partnership firm) or Memorandum of Association (company)

 

VAT registration certificate

 

Professional qualification certificate/Certificate of practice

 

SEBI registration certificate

 

PAN and Proof of address of the business

 

A home loan can be extremely useful when you are looking forward to buying your dream home but do not have enough savings. However, you must furnish updated documents required for a home loan to help lenders review your creditworthiness. Once you have all the documents, you just need to scan them and upload them online with the application form.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.