Home loan is the biggest and most critical financial decision for everyone’s life. Many people give their whole savings amount only for paying initial payment (uncovered by housing loan) for buying their dream house and pay EMI for many years.
But there is a long list of documents required for approving the loan amount by bank. Borrowers may face difficulties at the time of documents submission and verification due to lack of knowledge of required documents.
General documents required for all People (KYC)
- Application form
- Passport size photograph (3-6 copies)
- Identity proof issued by government authority
- Residence proof (Utility bill, banks statement etc)
- Age proof (X th admit card, passport etc)
- Last 6 months bank statements
- Processing fee cheque
Additional documents required for Salaried People
- Original Salary Certificate from employee
- TDS certificate on Form 16 or copy of IT Returns for last two financial years (duly acknowledged by IT Deptt.)
Additional documents required for Professionals/self- employed
- Acknowledged copies of three years I.T. returns/ Assessment Orders.
- Photocopies of challans evidencing payment of Advance Income Tax
For guarantor (wherever applicable)
- Personal Assets and Liabilities Statement
- Passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
Apart from KYC documents
- Salary Certificate from the employer mentioning the name as in passport, date of joining, passport number, designation and latest salary and perquisites, in English
- Salary slips for the last 3 months / Salary Certificate for variable pay more months (6-9) salary slip needed
- Latest Income Tax Returns
For Self Employed Individuals, documents evidencing currently in business like Trade License, Registered Power of Attorney or agreement with sponsor, etc.
- Passport copy with valid residence visa page.
- Work Permit/ Labor contract copy / Photocopy of Identity card or any other proof of work / employment issued by concerned Government authorities
- Property related documents, detailed cost estimates from an Architect/ Engineer
- Copy of all overseas bank statements for the last 6 months, if any
- Copy of Non Resident Rupee (NRE) / Non Resident Ordinary Rupee (NRO) bank statement of the last 6 months
- Power of Attorney (POA) when applicant is not available in India for signing of documents
- Copy of Continuous Discharge Certificates