What are the Documents required for Taking Home Loan from Banks?

House is the basic necessity for any individual. Every individual with certain

fixed income level want to have a house if he/she doesn’t have. The rising price of property makes it out of reach to most of the earner. An individual with moderate income can’t buy a house without the support of banks.

Almost all the banks in India provide Housing Loan to individual who want to buy house and doesn’t have money to pay at once.

Banks ask for number of documents and verifying them before granting loan to individual. Documents required for getting loan are different with different category of individual based on their jobs, businesses etc.

Before applying for loan arrange all such documents and carry along with yourself to bank while applying the Home Loan. This will help you in fast processing of loan by Banks.

Documents required for Housing Loan by Banks for Salaried

 a)      Previous three years Income Tax returns (ITR) or FORM 16 A or both. (Must keep in mind that the annual income shown on ITR must be greater than Rs Two Lacs)

b)      Any address proof with your name like Passport, Ration card (below BPL), Electricity bills, post paid mobile bills, Aadhar cards etc

c)      Last six month account transaction statement

d)     Four Photographs

e)      Copy of all the LIC or other life insurance policies with their receipt if any

f)       If you have had any investment like FD, Shares, NSC, KCC etc for boosting your income.

g)      Salary Slips or salary certificates

If you have the account in the same bank from where you want the Housing Loan than it will be easier for you to convenience them about your account transaction and past records.

Documents required for Housing Loan by Self-Employed/Businessmen

a)      Person need of loan must have either current account or any other business account with any bank. (Desirable if from the same bank)

b)      A brief introduction of Business

c)      Previous three years Balance sheet, P& L accounts, Statement of income tax certified by CA.

d)     Advance tax payment receipt if applicable to such businesses or professional tax

e)      Registration Certificate of establishment under shops and Establishments Act/Factories Act.

f)       Previous 6 months account statements of either current or saving

g)      If professional service than Certificate of practice

h)      If existing any loan, then details of such loan

i)       Details of address proof with your name like Passport, Ration card (below BPL), Electricity bills, post paid mobile bills, Aadhar cards etc

j)       Copy of all the LIC or other life insurance policies with their receipt if any

k)      If you have had any investment like FD, Shares, NSC, KCC etc for boosting your income.

NOTE: These are the common documents required by almost all the banks for getting Housing Loan. Banks may ask for any of these documents or any documents other than this also.