What Are The Mandatory Documents Required For Home Loan Application

Applying for a home loan is an important step toward owning your dream home. It can feel overwhelming, especially when it comes to gathering the needed documents. We will help you understand all the documents you need for a home loan application. Knowing these requirements will make the application process easier and stress-free. Let’s understand!
Documents are very important for getting a home loan. They help the lender check who you are, your financial situation, property details, and if you qualify for the loan. Having the right documents can make the approval process faster and improve your chances of getting the loan without delays.

What are the documents required For Salaried Individual?

• Identity proof: Aadhar Card, PAN Card, Voter ID or any government issued ID card

• Address proof: Passport, Aadhar Card, Voter ID, Electricity Bills, Telephone Bill

• Income proof: Banks statement (Last 6 months), Salary Slip (last 3 months), Form 16

• Employment Proof: Employment Offer Letter, Employment Confirmation Letter, Experience Certificate, Company ID Card

• Property document: Title deed, Sales deed, Encumbrance Certificate, Building plan, occupancy certificate, Advance payment receipt, Detail report on estimate cost, power of attorney, allotment letter, NOC (If applicable), possession certificate, tax receipt

• Other documents: Signed Loan Application for with 3 Recent passport size photographs

What are the documents required For Self-employed Individual

• Identity proof: Aadhar Card, PAN Card, Voter ID or any government issued ID card

• Address proof: Passport, Aadhar Card, Voter ID, Electricity Bills, Telephone Bill

• Business documents: Audited by expert financial people such as Balance sheet, profit and loss statement (last 2 years), Bank statement (last 6 months) ITR documents (last 3 years), GST registration, trade license, partnership deed, SEBI registration certificate (If any) and ROC registration certificate, articles of association, proof of business address.

• Property document: Title deed, Sales deed, Encumbrance Certificate, Building plan, occupancy certificate, Advance payment receipt, Detail report on estimate cost, power of attorney, allotment letter, NOC (If applicable), possession certificate, tax receipt

• Other documents: Signed Loan Application for with 3 Recent passport size photographs

What are the documents required for a Loan guarantor?

• Identity proof: Aadhar Card, PAN Card, Voter ID or any government issued ID card

• Address proof: Passport, Aadhar Card, Voter ID, Electricity Bills, Telephone Bill, Business address proof (If co-applicant is a businessman)

• Other document: 2 passport size photographs, Asset and Liability Statement

Summary

General document required are:

Conclusion

Applying for a home loan requires careful planning, especially with documents. Having all the necessary documents ready can make the approval process faster and improve your chances of getting the loan. This guide will help you understand what documents you need and make the application process easier.

How can EazyBankLoan help you in taking a loan? We understand the process of procuring a loan can be stressful. That is why we take care of your Loan application process, saving you time and hassle by handling the paperwork and communication with the loan providers.

Check the details here at EazyBankLoan

Need help? Reach out at support@eazybankloan.com

Frequently Asked Questions (FAQs)

1. What is the importance of providing accurate documents for a home loan application?

• Accurate documents help in verifying the applicant's identity, income, and property details, ensuring a smooth and efficient loan approval process.

2. Can I apply for a home loan without a PAN card?

• While a PAN card is a mandatory document for a home loan application, some lenders may consider alternate forms of identity proof in exceptional cases.

3. What happens if my property documents are not clear?

• If the property documents are not clear or have discrepancies, the lender may reject the loan application or ask for additional documentation to resolve the issues.

4. Can self-employed individuals apply for home loans?

• Yes, self-employed individuals can apply for home loans by providing the necessary income proof, such as profit and loss statements, balance sheets, bank statements, and income tax returns.