Document checklist while applying for a home loan

Updated on November 30, 20183 mins read

What are the documents you need when you apply for a home loan? When you apply for a home loan, your bank will ask you for a number of documents. Before approving your loan, the bank wants to know how credible you are as a borrower. Based on the documents you submit, the bank scrutinizes your file – checking your financial standing, past credit history and the property. Gathering all these documents can be time consuming. The task becomes even more daunting if you don’t find proper guidance. So, to help you through this process, SwitchMe put a checklist of all the documents required for a home loan application. This is a basic list of documents that every bank of housing finance company will ask for. There may be further documents required for certain locations. Embedded Tweet:

Here’s the checklist of supporting documents required for home loan application: KYC DOCUMENTS  document_checklist_KYC Know Your Customer documents are proof of basic details like – like your full name, PAN, address etc. In the home loan application you would have filled in all these details. All copies need to be self attested.

  1. PAN
  2. Residence Address Proof like Passport, Voter ID card OR Copy of Registered Rent Agreement/lease deed with utility bill in landlord’s name.
  3. Photographs – 4 passport size photos

INCOME DOCUMENTS  document_checklist_INCOME When you apply for a loan, the bank will thoroughly analyse your financials to assess if you can support the loan or not. Generally, only income showing in your bank statements is considered for evaluation.So, your home loan eligibility will be decided on income reflecting on your bank statements only.

  1. Form 16 (both Part A & Part B) and IT Returns both for the last 2 years
  2. Salary slips for the last 3 months
  3. Bank A/c statement for the last 6 months where salary is credited
  4. Copy of Employee ID Card
  5. Employer Certificate/ Appointment Letter/ Increment Letter as applicable

Along with salary, if you can show income from rent, interest, bonus, incentives etc, your will be eligible for a higher loan value. PROPERTY DOCUMENTS document_checklist_PROPERTY It is important for the bank to know if your property is legally built and if it adheres to regulations of the state. The property documents remain with the bank till you repay the home loan entirely. In case of default, the bank can recover the loan by selling the property. So the bank would also prefer if your property is built by a reputed builder.

  1. Registered agreement for sale
  2. Commencement Certificate
  3. Index II
  4. Approved Building Plan copy
  5. Registration Receipt
  6. receipts for payment made to builder.
  7. Sanction letter
  8. Occupancy Certificate
  9. Chain agreement between previous owner
  10. Society maintenance bill copy
  11. Society Share certificate
  12. Society Registration certificate
  13. Possession letter / Allotment letter
  14. Electricity Bill Copy
  15. NOC from Society
  16. Property Insurance copy

You can generate a No Objection Certificate yourself in few simple steps and have it signed off by the society.

Depending on the type of property, this list may vary a little SwitchMe is a first end to end home loan advisor. Sign up today to find out your home loan eligibility and customised home loan advise.

Aditya Mishra

Aditya Mishra

Aditya has a Post Graduate Diploma in Finance and strategy from IIM Bangalore. He comes with rich experience in the field of strategic investments, venture capital and technology. During his nearly 7 year stint at TCS, Aditya gained deep experience in start ups and exploring new technologies and business models. As director innovation partner Network, Aditya identified start ups with innovative technologies and incubated them to maturity. Aditya's deep understanding of upcoming ubiqutous computing trends helped TCS make strategic investment decisions in this area. As head of sales West India, Aditya spear headed new collaborations for TCS in the banking and financial services space. With a zest for start ups and new innovations, Aditya co-founded Headstart Netwrok Foundation in the year 2007. This is a non profit organisation that promotes entrepreneurship. Aditya founded SwitchME in the year 2012. SwitchME was a pioneer in the field of specialised home loan advisory, conveniently based on an online platform. Today SwitchME has helped over 1000 customers with new home loans and balance transfers right at their doorsteps.

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