Documents Required For Home Loan In India| Housing Loan Eligibility, For Salaried And Self Employed

Documents Required For Home Loan In India

It’s the dream of every individual to have his /her own home and the possibility of this situation could be more if we get the home loan. But there is some Documents Required for Home Loan in India which has to be strictly followed by the salaried as well as self employed individuals.

However, the formalities are not so much in obtaining a home loan from any of the reputed banking organization. In addition to this, if you are already an existing customer of any bank, then there are more chances to enjoy the minimum formalities and documentations.

Some of the significant credential that are required during the submission of applying housing loans are identity proof, address of the individual and income. However, we have mentioned the eligibility criteria for housing loan for salaried and self employed people separately below on this page so that each category individual can easily apply for the home loan in India.

However, the process of documentations varies from bank to bank. Like some private firms had difficult procedure for applying home loan like they required the formalities of lost of documents and some requires less. So it depends upon the organization also as well as loan purpose and amount.

Documents Required for Home Loan in India

List Of Documents For Salaried Individuals

S. No.Document
1KYC Documents
2Salary slip for the last 2 months / Salary Certificate (If variable components like Over Time and Incentives are reflected then salary slips for the past 6 months are required)
3Latest Form – 16 if salary above `20000/- per month
4Copy of all bank pass books / bank statements for the past 3 months including front page
5Company profile

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List Of Documents Required For Self – Employed Businessmen

S.No.Document Name
1KYC Documents
2Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
3Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
4Brief Business Profile on the Letter Head of the firm by the applicant
5Bank Statement for the last 6 months for the Savings Account & Current Account, O/D Account
6Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration or old ITRs evidencing business
7Copy of the Partnership Deed, Memorandum of Associations, Articles of Association  (if applicable)
8Copy of Tax Deduction Certificate / Form – 16A (if applicable)
9Details of Contract (if applicable)
10Copy of Advance Tax paid / Self Assessment Tax paid challan

List Of Documents Required For Self – Employed Professionals

S.No.Document Name
1KYC Documents
2Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
3Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
4Brief Business Profile on the letter head of the firm by the applicant
5Bank Statement for the last 6 months for the Savings Account & Current Account, O/D Account
6Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration
7Copy of the Partnership Deed, Memorandum of Associations, Articles of Association  (if applicable)
8Copy of Tax Deduction Certificate / Form – 16A (if applicable)
9Details of Contract (if applicable)
10Copy of Advance Tax paid / Self Assessment Tax paid challan
11Copy of Educational Qualification Certificate
12Copy of Professional Practice Certificate
13Salary Certificate (in case of doctors having salaried income)

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List Of Common Documents

  • Loan application form along with1 photograph.
  • Identity Proof including Passport/ Driving License/ Voter ID/ PAN
  • Residential Proof like License/ Registered Rent Agreement/ Utility Bill
  • Proof of ownership like Sale deed or rental agreement
  • Income Proof like salary slip, bank statement and Form 16
  • Property Documents
  • Advance giving out Cheque
  • Investment Proof in any firm like LIC, mutual funds, property document etc.
  • Financial credentials

Home loans are the best choice for the individual who are planning for construction of new homes. Under this, the house property is pledge to the lender till he repays the amount of loan. Well the funds financed basically depend on the borrower status, kind of loan, and firm. There are various types of home loans including property purchase, property extension and renovation. Majority of firm offers nearly 80-90% of loan of the property value. However, the rate of interest can either be fixed or party fixed depending upon the needs are requirements of borrower.

So, that all are the documents required for home loan in India, we hope that employed as well as owners will get to know the key credentials that are required to be deposit at the time of applying for home loan.

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