All of us dream of owning a space that we can call our own, but despite harbouring the wish, we may find ourselves in a fix because of inadequate finances. This is when a home loan comes to rescue! Taking a home loan is a simple process. However, to get the best deal and to fulfil your desire in the best possible way, it is important to clear any preconceived notions that you might have about the technicalities and difficulties involved in the home loan process.

A home loan can be availed by both – salaried as well self-employed individuals. The documents required while submitting a home loan application are similar for most banks or financial institutions, but may differ on the basis of the loan scheme, individual credit profile, the purpose of the loan etc. It is important to submit the required documents in a timely manner to ensure that the process is smooth and seamless.

To help with this, the list of important documents required for a home loan is shared below.

HOME LOAN – IMPORTANT DOCUMENTS

Duly Filled Home Loan Application Form

Passport Size Photographs

Identity Proof (any one of the enlisted)

• Aadhaar Card
• Voter ID Card
• Driving Licence
• PAN Card
• Passport

Age Proof (any one of the enlisted)

• Aadhaar Card
• Voter ID Card
• Driving Licence
• PAN Card
• Passport
• Birth Certificate
• Class 10 Mark Sheet or School Leaving Certificate

Residence/Address Proof (any one of the enlisted)

• Voter ID Card
• Bank Passbook
• Ration Card
• Passport
• Driving Licence
• Utility Bills (Telephone/Electricity Bill/Gas /Water)
• Receipts of Insurance Policy
• Letter from a Recognized Public Authority

Income Documents

Salaried Individual

• Payslip-Last 2 months
• Increment or Promotion Letter
• IT Returns-Last 2 years
• Letter from Employee
• Form 16-Last 2 Financial Years

Apart from the above, a salaried individual will also be required to submit documents of investment proof (fixed deposits, shares etc.), if applicable.

Self Employed Individual

• IT Returns-Last 3 years
• Balance Sheet and Profit and Loss Account Statement (attested by a CA)
• Details of Business Licence
• Professional Practice Licence (for Doctors, Consultants etc.)
• Registration Certificate of Establishment (for Shops/Factories)
• Proof of Business Address

Property Documents

• Original Registered Sale Deed, Allotment letter or Stamped Agreement of Sale from the Builder
• No Objection Certificate (NoC) from the Builder/Housing Society
• Occupancy Certificate (For Ready-to-Move-in Properties)
• Receipts of Any Payments Made in Advance for the Property
• Approved Copy of the Building Plan (Key Plan/Floor Plan for a Flat)
• Detailed Estimate of the Cost of Construction
• Original Receipt of Land Tax paid and Possession Certificate Issued by the Revenue Authority
• Payment Receipts or Bank Account Statement of Payments made to Builder/Seller

Once the required documents are submitted to the bank or financial institution, the process will be initiated, based on their terms and conditions. However, with prior preparation and basic information on your fingertips, you can take an informed decision.