22 MARCH, 2022

Home loans are an easy ticket to your dream home. They are easy to avail and convenient to repay. You can visit the branch or sit at your work desk in your home or office to apply online. Moreover, you need not stress about paying the entire amount at once. You can choose a tenure that allows you to repay the amount in easy and small-equated monthly installments. However, to get a loan without any hassle, you must complete the application process efficiently. You must ensure that the form is updated and accurate. Similarly, documentation is a crucial part of the application process. If your documents are not up to the mark, the lenders can reject your application.  

 

Here is a checklist of the documents you must have while availing a home loan in India.

 

KYC documents

 

Identity proof

You would need to submit the following documents for identity proof that can help the lender verify your identity. 

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

 

Address proof

The lender would verify the address you mention on your application form with address proof. The following can be furnished as the address proof:

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

 

Age proof

  • Passport
  • PAN Card
  • Birth Certificate
  • Bank Passbook
  • Driving License
  • 10th Mark sheet

 

Property documents

While availing a home loan, you would need to submit the following property documents to the lender.

 

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

 

Income documents

Income documents typically differ for salaried and self-employed applicants.

 

For salaried applicants:

 

  • Salary slip for last two months
  • Bank statement for last six months
  • Investment proofs
  • Form 16 or Income Tax Returns of the last three years.

 

For self-employed applicant:

 

  • Income tax returns with computation for the last two financial years
  • Audited Profit and Loss account and Balance Sheet duly attested by a Chartered Accountant for last three years
  • Copy of the saving account of the applicant and current account statement of the business entity for the last six months
  • 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

 

You must ensure that you furnish documents required for home loans updated with the latest details. Incomplete or incorrect documents often lead to application rejections, which can further affect your credit score adversely. So, refer to this checklist for documents and apply for home today. 

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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.