Even when an applicant meets the eligibility criteria, if all the documents required for home loan are not in order, the application is liable to be rejected by lenders. Moreover, if all the documents are handy, the loan application process becomes faster.
These are the documents which are needed to obtain housing loan in India -
Identity proof
- Passport
- PAN card
- Aadhaar card
- Voter ID
- Driving license
Address proof
- Utility bills
- KYC documents mentioning applicant’s permanent address
Income proof
The documents required for home loan for self-employed applicant include –
- Business vintage/ownership proof
- Bank account statements
- Audited financial statements
- Income proof of salaried personnel comprise of –
- Form 16
- Salary slips
- Bank statements
Property related documents
- Construction cost estimate
- Agreement of sale, sale deed etc.
- Possession certificate
- Occupancy certificate
- Land tax certificate
- No Objection Certificate from housing society or builder
- Account statement indicating payment made to seller or builder
Apart from submitting the documents, applicants have to necessarily meet the eligibility criteria. The main requirements for a home loan are –
- Must be an Indian resident
- Age of self-employed person should be between 25 years and 70 years.
- Age of salaried applicants should be between 23 years and 62 years.
- Stable source of income
- CIBIL score must be minimum 750 or upwards
- Business vintage of self-employed applicants to be a minimum of 5 years
- Experience of salaried applicants to be a minimum of 3 years
Please note that this pertains to the general criteria, and the particulars may differ from one lender to another. You may be required to meet additional criteria on the basis of your monthly income and credit history.
The documents required for home loan mentioned here are merely indicative. Lenders may require additional documents to be furnished for salaried and self-employed applicants. At any rate, arranging all of the necessary documents is the simplest way to enjoy a hassle-free lending experience.
