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Planning to Buy a Home? Here’s Your Checklist to Get a Home Loan

Planning to Buy a Home? Here’s Your Checklist to Get a Home Loan

If you’ve set your heart on a house and can’t wait to make it your own here’s a checklist of documents you’ll need while applying for a home loan.

Owning a house today has become a reality for a lot of people thanks to home loans, easy processes and documentation. So if you’ve set your heart on a house and can’t wait to make it your own here’s a checklist of documents you’ll need while applying for a home loan.

1) Filled in loan application.

2) Identification proof - The following documents can be used for the same;

● Driving licence

● Ration card

● Passport

● Voter’s ID card

● PAN card

● Bank passbook

● Employee ID

3) Age proof - The following documents can be used for this;

● PAN card

● Birth certificate

● Bank passbook

● Mark sheet of 10th class

● Passport

● Driving license

4) Residence proof - You can use the following documents as proof of address;

● Bank account statement or passbook

● Passport

● Voter’s ID card

● Ration card

● Any utility bill (telephone, electricity, gas, water) - not more than 2 months old

● LIC policy/receipt

● Letter by a recognised public authority verifying your address

5) Income-related documents

For salaried employees - You can use any one of the below for documentation;

● Form 16

● Certified letter from employer

● Payslip for the last 2 months

● Increment/promotion letter

● IT returns (of 3 years)

You also need to submit any investment proofs like fixed deposit, shares etc along with passport size photo.

For self-employed or businessmen - You can use any one of the following for income proof

● Last 3 years of income tax returns along with computation of income attested by a CA

● Last 2 years of Profit & loss account and balance sheet attested by a CA

Other than these, self-employed people need to submit the following;

● A little introduction about his profession or business

● Certificate of practice

● Investment proofs

● Receipt of advance tax payments (if any)

● Copy of Registration Certificate for deduction of Profession tax

● Copy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act

● Passport size photographs

6) Property related documents - You need to submit the following documents related to your property;

● Original copy of sale deed or agreement of sale with the builder

● Paid receipts of the land and building tax

● Location sketch of the property certified by revenue authorities

● Possession certificate

● Letter of allotment given by the private builder/housing board/society

● Original receipt of the advance payments made towards the purchase of flat

● Letter from the builder/society/housing board stating your account number and name of your banker for remittance of instalments

● Detailed estimate of the cost of construction of the house

● Original copy of the NOC from the builder/housing society

● Original copy of the land tax paid receipt and possession certificate issued by the revenue authority

● Approved copy of the building plan

To know more, click here.

This content has been created in association with SBI.

first published:May 13, 2019, 11:14 IST