subject: Home Loans Required Documentation [print this page] After deciding to take a home loan for the purchase of your dream home, the first thing to that needs to be consider is the required documentation for getting home loans. If any of the important documents are not submitted then approval of the home loan can get delayed and there can also be chances of application being rejected.
The procedure for getting a loan starts off with the application form filling, before which you should go through bank's website to know about the required documents. Most commonly the documents asked from an applicant are; PAN card, Passport, Voter ID card, Ration card etc. Additionally, banks have different documentation requirements depending upon:
Purpose of loan
Applicants category
Loan amount
Term of loan
Documentation for Salaried People
Last 3 months salary slips
Updated salary certificate
2 years job continuity
Appointment letter
2 years Form 16
6 months bank statement
For private limited company employees, company profile
Documentation for Self Employed People
Business profile on company letterhead
Last 3 years IT returns
Chartered accountant certified income computation
Last 3 years balance sheet & P/L account
Last 1 year bank statement for personal & business account
For professionals, professional certificate copy
Documentation for Property
Khata certificate
Last 13 years EC
Latest paid receipt for property tax
Last 13 years parent documents & rest link documents
Already made payment receipts
For old house purchase; seller's title documents & sale agreement
For flat that is newly constructed; construction or sale agreement & on builder's letterhead break up of total cost
The other important point to keep note of are that banks always make sure that repayments to be made by borrower do not exceed 40% of his net salary & lend about 90% of loan amount. If your repayment record has been poor or had defaults for previous loans then it could be very difficult to get approved for a home loan.
