subject: Documents Required For Axis Bank Home Loan [print this page] Today, there are a number of avenues available for procuring a home loan; Axis Bank being in the forefront. Having said that, there are certain documents that you must present to the bank upfront. These documents are required by the bank to determine if you are eligible for the loan or not. One must make a checklist of all the documents required for home loan to make the process smooth and easy. Here is a list of documents that you would need to provide to Axis Bank along with your home loan application.
Proof of Income: A salaried individual is required to provide his salary slips for the past 3 months at a minimum. However, if you are self employed then you will be required to provide the profit and loss statements for your business. In some cases, the bank can ask for these documents for an extended period (more than 3 months) to better gauge your earning profile. You should keep in mind that if your income has gone up considerably in the past year, you should have an explanation to prove it to be stable rather than just a one-time abnormality. In absence of such an explanation, your loan eligibility may be considered against a lower average income.
Bank Statements: The bank will ask you to share the original bank statements for at least a period of last 6 months. In case of salaried individuals, account statements help the bank analyze the ratio between your income and expenses. On the other hand, your bank statements portray a picture of the extent of your business activity, if you are a self employed person.
Form 16 and Income Tax Return: As an additional proof of the income that you have earned and the amount of tax levied on it, the bank will ask you to provide Form 16 obtained from your employer for the past 3 years. If you are self employed, you are required to provide the income tax returns filed by you in the past 3 years.
Residence Proof: The bank will ask you to provide a proof of your current and permanent residence in order to both identify you and maintain correspondence in the future.
Identity Proof: The bank needs to identify you as the loan applicant, so they will ask for a valid identity proof. This will also assist the bank to keep a track of your credit history. Valid identity proofs include voter ID card, PAN card, driving license, passport, ration card, among others.
Passport Size Photographs: You will need to attach passport size photographs on the loan application. Normally, 2 to 3 passport size photographs are required by the bank.
Apart from the basic documents listed above, certain supporting documents may also be required. The bank would want you to show your property ownership documents. These would include documents like original sale agreement, registration receipt, copy of title deed, allotment letter, possession letter, lease agreement etc. Apart from these you may also be required to submit post dated cheques for your EMIs. Documents required for home loan may vary depending upon the current rules and regulations. But in almost all cases, the bank would seek the above mentioned documents, so it is advised to arrange them upfront.
