04 NOVEMBER, 2019

Easy access to home loans has made it easier for many people to buy their dream house. The process of getting a home loan has become more straightforward than it was in the past. That is why more people are preferring to take the help of a housing loan rather than using their savings to purchase a property. If you are also planning to get a home loan, you should start collecting the documents required for a home loan.
Submitting appropriate documents (for all applicants) along with your application is a critical part of the home loan application process. Here are the documents that are required for processing a home loan application:

Identity proofs

The documents containing your full name and issued by concerned authority is considered as identity proof, which, typically, can be one of the following documents,

  • Aadhaar Card
  • Pan Card
  • Valid Passport
  • Driving Licence
  • Voter identity card


Address proofs

The documents containing your address (Current & Permanent) and issued by concerned authority is considered as address proof, which, typically, can be one of the following documents,

  • Aadhaar Card
  • Valid Passport
  • Driving License
  • Utility bills
  • Banks Statements having your address


Income documents

Lenders consider your income as one of the factors to decide your housing loan eligibility. Therefore, submitting appropriate income proofs is a critical part of home loan documentation.

In India, different income proofs are required to be submitted by salaried employees and self-employed individuals. Here is the list of income proofs,

Salaried Employees

Self-Employed Individuals

Salary slips of last three months

Business establishment certificate

 Bank statements for the last six months

Trade license certificate

Form No 16 and ITR for last years

PAN card of the business

 

Partnership Deed

Form No 16 and ITR for last years

Income Tax Return along with calculation for the last 3 financial years

Bank statement of any other bank a/c for the last 6 months

Balance sheet (Certified by Chartered Accountant)

Details of loan availed with track record

Profit and Loss statement (Certified by Chartered Accountant)

 

Bank statement of the last six months of current accounts


Lastly, many times, the lender might also ask educational qualifications in both cases.

Property related documents

If you have identified the property before applying for a home loan, you need to submit all the documents related to it. These documents clarify it to the lender that the property is free from financial liabilities. If the property is in a cooperative society, the lender may ask you to submit a no-objection certificate (NOC) from society.

Home loan application form

You can obtain this form from the financial institution that you have chosen as your lender. You need to fill the details asked on the form, which are mainly full name, address, etc.

If you are applying for a home loan along with a co-applicant, you need to provide his/her details as well. While submitting the filled form, you need to attach your photograph, along with the photograph of other applicants.

Lastly, the lender will ask you to pay home loan processing fees to submit your home loan application form along with the above documents.

Additional Read: Guide for Home Loan Sanction and Disbursement Process

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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.