Documents Required to Avail a Home Loan

 

When you take a home loan, you need to complete the documentation process. It is very important to offer all the required list of documents as requested by the loan provider. Since a housing loan is a high-value loan, it is very important to complete the documentation. Without producing all the documents, the housing loan application will not be submitted. 

It is very important to avail of a housing loan only when you have all the documents. Before you apply for a home loan, you need to make sure that you have all the original copies of the housing loan ready with you. It is important to run a background verification of the individual as well as the property willing to get a housing loan or home renovation loan.

 

List of KYC Documents for Home Loan Application

Some of the usual documents admitted as KYC are mentioned below:

Photo Id Proof (Any One Required):

• Passport

• PAN Card

• Driving License

• Voters ID Card

Residence Proof (Any One Required):

• Electricity Bill

• Ration Card

• Telephone Bill

• Employment Letter

• Passbook or Bank Statement with address

Proof of Age:

• PAN card

• Passport

• Birth certificate

• Driving license

• Bank passbook

• Mark sheet from 10th class

List of Documents Required for Loan Guarantor

• Liabilities Statement and Personal Assets.

• 2 photographs passport-sized.

• Identify proof.

• Residence proof.

• Proof of business address.

• Signature identification from present bankers.

List of Property Documents Required for Home Loan

• Deed of Sale or Sale Agreement or Share Certificate in case of a cooperative society.

• Receipts for taxes paid for Building and Land, certificate of possession, and certified sketch of the location of the property from revenue authorities.

• Allotment Letter from Society/Housing Board/Private builder.

• Receipts of advance payments for the flat purchase.

• Certificate of Non-encumbrance encompassing the last 12 years/30 years.

• Receipt of land tax payment and certificate of possession issued by revenue authorities.

• Permission letter from Appropriate Authority.

• Approved building plan 

• Original No Objection Certificate 

• No objection certificate (NOC) from Builder/Housing Society.

• A detailed estimate of construction cost.

• mentioning their bank and account details, for installment remittance.

• Applicable for purchase of land plot, a declaration by loan borrower stipulating the date by which to construct a house.

• Report from a lawyer as per standard format.

• Power of Attorney for collecting original documents of the property.

• In event of the demise of the loan borrower: Letter requesting handing over of Property

Wrapping up

Get an affordable house renovation loan at an affordable home loan interest rate. Meet the eligibility criteria to get an affordable home loan online.