For many people, having their own home is a dream. The dream bubble, however, is burst by several obstacles that stand in the way. However, one thing that overcomes these barriers and opens the way is a Home loan. A Home loan reduces financial stress thanks to various banks’ best Home loan rates. You move one step closer to realizing your dream thanks to the numerous advantages and features it provides!
Obtaining a Home loan in Delhi NCR is a simple process. However, dealing with so many documents can become overwhelming. The documentation needed may differ depending on the lender. However, some of it is standard and frequently requested by banks that provide Home loan services. Your situation will improve and save time if you clarify the important standard documents.
Here is a list of the standard documents needed for a Home loan. Banks and other NBFCs may have different requirements:
Identity Proof
This includes a passport, voter ID card, driver’s license, PAN card, and Aadhar card. Any one of them is required.
Age Proof
The acceptable documents are a PAN card, an Aadhar card, a driver’s license, a passport, the result of the tenth grade, a birth certificate, and a bank passbook. Any one of the documents mentioned must be submitted.
Residence Proof
Any following is required – Ration Card, Passport, Voter’s ID, Passbook, Bills (Telephone, Electricity, Gas, Water), address verification via a letter from the public authority, or LIC Policy Receipt,
Documents of Income
Both salaried and self-employed professionals are included.
For salaried professionals: Employer’s letter, letter of promotion or increment, Form 16, three-month payment slip, and previous two years’ IT returns. Furthermore, the individual will be required to provide proof of investment, such as deposits, shares, etc.
For Self Employed Professionals
Address Proof of the Business, information regarding the Business license, a license to practice, bank statements from the previous six to twelve months, a Certificate of Registration for Factory, Shops, or More, an attested Profit and Loss Statement and Balance Sheet by a CA, and the previous three years’ Income Tax Returns are all required.
Property Related Documents
These include a copy of the building plan in the case of a flat purchase, a NOC from the builder, receipts or bank statements showing payment to the seller/builder, an original copy of the payments made in advance, a complete estimate of the house construction, documents handed over by the revenue authority (possession certificate), an original copy of the paid receipt of the land, an original copy of the signed agreement, and the sales deed. One may also submit a letter of allocation in terms of the agreement. Other documents include an occupancy certificate, electric and maintenance bills, and property tax receipts.
Application Form for Home loan
Passport Size Photographs.
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