Documents Required For Home Loan

Documents Required For Home Loan In 2022- FinanceTillEnd

Documents Required For Home Loan

For people who want to buy their own home, getting a Home Loan is important because it can be expensive. With a home loan application, you will need to make sure that you are able to repay the loan on time and without any debts.

When you are applying for a home loan, make sure to submit all the right documents. If you don’t do this, your application might be rejected and then it won’t work out with buying a house. A denied home loan can cause problems with your credit score and then it will be hard to get another loan in the future.

This is why it is so important to know which documents you need for a home loan application. This will make it easier for the loan to get approved and happen quickly.

What Are The Documents Needed For a Home Loan?

To get a home loan, you must submit documents to prove that you are responsible. These are the documents you need to submit your application: 

KYC Documents

  • A passport size photo is needed. It will prove who you are.
  • You also need to show your Proof of Identity, which could be a PAN Card or Passport or Aadhar Card or Driving License,
  • Your Proof of Residence, which could be a Bank Passbook with the address on it or Ration Card with the address on it.
  • If you are under 18 years old, then you need to show an Age Proof like a 10th Marksheet (mark sheet) for school or Birth Certificate if born in India before 1950.

Proof Of Income

Banks analyze the loans that people apply for. Banks don’t want to give loans to people who can’t pay back the money, so they look at income records. Bankers will ask for financial records that show you have a regular monthly income.

People who want to borrow money need to give the bank proof that they earn a regular monthly income. The following documents are good for this:

  • In order to apply for a bank loan, you will need to provide three months of your salary slips.
  • You will also need to show six months of your bank account statement.
  • Make sure that you have copies of your last two years’ tax returns and any other documents requested by the bank.

Property Documents

If you want to get a Home Loan, banks will inspect your property first. If you don’t pay the loan back, they can auction your home so they can get their money back. You need to submit some documents when you apply for the Home Loan. The documents are as follows:

The beginning of your home is the most important part. You need to make sure that you have all of these things:

  • A certificate about the agreement for sale  
  • Approved building plan copies 
  • Payment receipts from the builder 
  • Registration receipt 
  • Sanction letter (approval) from the society and Government for occupation and use of land 
  • Occupancy certificate (proof that you live in this building)
  • Society maintenance bill copy (proof that you pay for maintenance bills)
  • Society share certificate (proof that you are a member of the society)
  • Society registration certificate – proof that your building is registered with the society.
  • You also need to get a possession letter/allotment

Also Read

Top 5 Challenges Faced by Small Businesses and How a Business Loan Can Fix Them

Four Ways to Prepare Your Credit For Next Shopping

Top Indian Banks Providing Tractor Loans to Farmers at Cheap Interest Rates

How To Reduce The Chances Of Rejection Of Your Loan Application?

Conclusions

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