There is no better feeling than that of standing inside your own house, a place to live, grow a family and nurture. But between the dream of owning a home and the actual process of getting a loan for it lies the next process. Of course, interest rates and loan options cannot be disregarded, but equally important are documents that should be submitted for quick approval. This blog details the documents required for home loan in India.
There are certain document requirements that are unique to the applicant type; whether you are a monthly or fixed income earner, a freelancer or Contractor, or applying with your spouse or partner. Here's a general breakdown:
Self-Employed Individuals:
Based on the above, there are additional documents that may be required by the lenders depending on the loan size, the property type or the applicant’s case. Here are some possibilities:
Property Documents: Other than passport-size photos of the applicants, and proof of identity, one also needs to submit property documents like; the sale deed, approved building plans and an occupancy certificate as well as the latest tax receipts.
Loan against Property (LAP): If you have put your current property as collateral, you need to submit additional documents about the property.
Proof of Assets and Liabilities: This consists of investments, existing loans, and any other credit facilities.
Signature Verification by Banker: This can be done through a letter from your bank.
Remember: For your convenience, it is advised to review official information concerning document requirements on the websites of your selected lenders. They may have other forms or may require variations of the ones identified above.
Organize Early: Do not leave the task of preparing and providing certain documents for the end. Begin to collect them long before you apply for them.
Photocopies: You should have clear and well-marked photocopies of all the documents. Keep the originals safe.
Accuracy is Key: Ensure all the information is correct before filing all the loan application forms.
Don't Hesitate to Ask: If you are in doubt about any document or have some queries, then clear it with your lender.
It becomes easier to attain a home loan if one remains prepped up with all the essential documents required to proceed with the formalities. Just continue to bear in mind that any home loan is a big financial step. Don’t rush and think carefully about your choice, use the possibility to get a consultation from a financial planner if you need it. Yes, it’s possible, if you know what documents are required for home loans.
