Moneyline Creditline

Home Loan

Buying a home could be one of the biggest achievements of a person’s life. In most cases, it takes an entire lifespan to fulfil the dream of purchasing one’s own home. Selecting the ideal property involves a lot of research and planning. Arranging funds is probably the toughest and the trickiest part of the process.

Most lenders get the property valued independently and provide loans based on their estimated value. It is important to remember, however, that frequently their valuation is significantly lower than the actual cost and hence the requirement of the borrowers goes up. Home loans in Indian Banks are provided up to maximum of 80% (90% for loan amount below INR 20 lakhs) of the value of the house. Home loans are repaid using Equated Monthly Installments (EMIs) spread over a fixed tenure.

Documents Required for Home Loan

Every customer has to satisfy the Know Your Customer (KYC) norms stipulated by RBI. You have to provide the documents relating to your KYC, employment, business, and income.

Identity Proof

  1. PAN Card
  2. Aadhar Card
  3. Voter ID
  4. Driving Licence
  5. Passport 

Address Proof

  1. Registered Rent agreement
  2. Aadhar Card
  3. Driving License
  4. Lease agreement
  5. Passport
  6. Latest Gas or electricity bill

Financial Documents – Employment or Business Proof

  1. Salary slips for the last 6 months in case you are a salaried employee (In addition, you can provide IT returns for the past 3 years along with Form 16)
  2. IT returns for the past 3 years in case you are self-employed (Some banks accept 2 years IT returns as well)
  3. Statement of A/c for the past 1 year where your salary is credited (in case of salaried people)
  4. Profit and Loss statement and Balance sheet for the last 2 years in case of self-employed persons
  5. Sales tax, GST registration certificates, if applicable
  6. Partnership deed in case of partnership firms (if the applicant is one of the partners)
  7. Certificate of Incorporation in case of limited companies(if the applicant is one of the directors)

Other documents:

  1. Loan application form duly filled in
  2. Photographs
  3. Signature Proof

Property documents:

  1. Copies of all property documents that can establish the chain of ownership for the past 13 years
  2. Property tax paid receipt in case you reside in the property being mortgaged (usually when you apply for Home Loan Balance Transfer)
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