Required documents for home loans

Depending on the group of clients (salaried/professional/businessman/NRI) they belong to, an applicant must present a variety of documents that verify their KYC, the antecedents of the property they seek to acquire, their income background, etc. in order to qualify for a home loan

The paperwork needed varies from bank to bank. The most typical lists of paperwork needed to apply for a home loan in India are shown below.

Loan application form: 15 Must-Have Documents for Home Loan in 2022.

1. 3 passport-sized photos.
2. Proof of identity Proof of residence
3. For the last six months, a bank account statement or passport.
4. bankers verifying the applicant's signature.
5. Statement of Liabilities and Personal Assets
6. specific property documentation
7. Original salary certificate from the employer. (salaried individuals)
8. For the last two fiscal years, Form 16/IT Returns. (salaried individuals)
9. copies of the last three years' IT returns and assessment orders. (self – employed professionals)
10. Challans as evidence of payment of advance income tax. (self – employed professionals)
11. For those who aren't paid a salary, proof of company address is required. (Self – Employed Businessmen)
12. Copies of the last three years' IT returns and assessment orders. (Independent Businessmen)
13. Challans as evidence of payment of advance income tax. (Self – Employed Businessmen) 

List of Paperwork Needed by NRI Applicants

1. Establishing KYC documentation.
2. Salary Certificate from Employer showing Name (as per Passport), Position, Passport Number, Date of Joining, and Most Recent Salary in English.
3. Salary slips from the last three to six months that include variable elements like bonuses, overtime, etc.
4. Most recent IT Returns (for applicants filing IT returns in the country).
5. Business documentation such a trade licence, sponsor agreement, power of attorney, etc. for self-employed NRIs.
6. a copy of the passport with the visa page visible.
7. Government-issued documentation of employment, such as a work visa or employment contract
8. documents pertaining to the property that include price quotes from Indian architects or engineers.
9. If there is no recorded proof of wage credit or money remitted to India, salaried NRIs must provide income documentation confirmed by an embassy official.
10. copies of the last six months' worth of foreign bank statements.
11. The most recent six-month NRO/NRE bank statement.
12. If the applicant cannot be found in the nation when the paperwork are being signed, a Power of Attorney must be presented by the representative.

Documents Required for a Home Loan Application, List

The following list includes some of the typical documents accepted as KYC:

1.    Photo Id Proof (Any One Required):

·         Passport

·         PAN Card

·         Driving License

·         Voters ID Card

2.    Residence Proof (Any One Required):

·         Electricity Bill

·         Ration Card

·         Telephone Bill

·         Employment Letter

·         Passbook or Bank Statement with address

3.    Proof of Age:

·         PAN card

·         Passport

·         Birth certificate

·         Driving license

·         Bank passbook

·         Marksheet 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

1.    Deed of Sale, Sale Agreement, or Original Share Certificate for a cooperative organisation

2.    receipts for taxes paid on the land and the building, as well as a possession certificate and a certified map showing the location of the property, are all required.3.    Allotment Letter from Society/Housing Board/Private builder.

4.    receipts for payments made in advance for a flat purchase.

5.    Certificate of No Encumbrance for the previous 12 or 30 years

6.    receipt for the payment of the land tax and a possession certificate from the revenue authorities.

7.    a letter of authorization from the proper authority.

8.    approved construction plan (showing floor plan for flat purchase).

9.    Original No Objection Certificate issued in accordance with the 1976 ULC Act.

10. In the case of agricultural land conversion, a copy of the relative order.

11. Certificate of no objection (NOC) from the builder or housing association.

12. An accurate cost estimate for the construction.

13. Letter from the society, builder, or housing board providing their bank account information for remitting instalment payments

14. A statement by the loan borrower specifying the deadline for building a dwelling is applicable for the purchase of a land plot.

15. Report from the attorney in the expected format.

16. Report in standard format from an appointed valuer detailing the valuation of the property.

17. Documents are needed for the transfer of original property documents when the loan is closed.

18. a power of attorney for gathering original property papers.

19. In the event that the loan borrower passes away:

20. Letter from the legal heir or nominee asking delivery of property documents (s).

21. Letter giving up the legal heirs' or nominees' right to receive property documents.

The banks have the right to request any document they think relevant for the loan sanctioning and verification process, in addition to the ones already specified.

SUMMARY

Paperwork

Home Loan

Bank

Businessman

Varies

The most typical lists of paperwork needed to apply for a home loan in India are shown below. Depending on the group of clients (salaried/professional/businessman/NRI) they belong to, an applicant must present a variety of documents that verify their KYC, the antecedents of the property they seek to acquire, their income background, etc. in order to secure a house loan. The paperwork needed varies from bank to bank, and the paperwork is shown below below.