A home loan is a great financing option to become the proud owner of your dream house. Filling up a home loan application with all the right details is crucial. Apart from that, borrowers also need to submit several home loan documents.
The documents often determine whether your home loan application will be approved or rejected. Therefore, you must submit all the required documents to your lender on time. Follow the detailed home loan documents list to ensure you don’t miss out on submitting anything.
One of the most important documents required for a home loan is identity proof. Housing loan applicants can submit their PAN card, Aadhaar card, Voter’s ID card, passport, or driving license. Submitting any one of them will serve as a solid identity proof of the loan applicant.
Borrowers also need to submit one document as proof of their age. Documents that qualify as age proof include the 10th class mark sheet, birth certificate, driving license, bank passbook, passport, and more. In short, you must submit one document with your birth date mentioned on it.
The residential address of the borrower is of supreme concern to the lender. Having the residential address will allow the lender to trace the borrower if they fail to make repayments on time. The address-proof documents required for a housing loan include the ration card, passport, Voter’s ID, bank passbook, and LIC policy report.
Borrowers can also submit a letter from any recognized public authority verifying their residential address. Moreover, utility bills like telephone, gas, and water bills also qualify as sufficient proof of address.
Both salaried and self-employed people must submit their proof of income while applying for a home loan. The documents required for a home loan for a salaried person include the following:
The documents that a self-employed person should submit as proof of income are as follows:
Note: People who receive their salaries in cash must contact the lender about what documents they should submit.
The property documents required for a home loan are as follows:
The Bottom Line
All housing loan documents need to be self-attested. Remember that besides the documents mentioned here, your lender might also ask for additional documents. For instance, you will also have to submit passport-size photographs, bank statements from the last six months, details of other ongoing loans, and more.
The EMI for home loans in India depends on the interest rate, loan amount, and tenure. When you choose a long home loan tenure, your EMI will be low. But it will also increase your interest. Visit the website of your home loan provider to check the EMI.
A CIBIL score of 750 or more is considered ideal for a home loan. But it does not mean you won’t get a home loan with a lower CIBIL score. If your home loan application is rejected due to a low CIBIL score, then you can work on increasing it with methods like paying credit card dues on time.
Self-employed people can also obtain a home loan if they can prove their source of income. The documents required to prove a self-employed person’s source of income include a balance sheet and ITR of the last three years.
The mandatory property documents to submit with a loan application include the original property deeds, agreement for sale, and more.