Documents Required for a Home Loan

List of Documents for Salaried and Self-Employed Applicants

Home loan applicants, whether salaried or self-employed, need to submit a certain set of documents to get their loan application approved. Here is a comprehensive list of documents that one is required to submit while applying for a home loan:

1. Duly filled and signed home loan application

2. Proof of Identity (any one of the following):

• Aadhaar Card

• Voter ID Card

• PAN Card

• Passport

• Driving Licence

3. Proof of Residence (any one of the following):

• Aadhaar Card

• Voter ID Card

• Bank Passbook

• Ration Card

• Passport

• Utility bills (telephone bill, electricity bill, water bill, gas bill)

• Insurance Policy Receipt

• Letter from a recognised public authority verifying the applicant’s address

4. Proof of Age (any one of the following):

• Aadhaar Card

• PAN Card

• Passport

• Birth Certificate

• Class 10th Marksheet

• Bank Passbook

• Driving Licence

5. Proof of Income:

 1. For Salaried Applicants - 

• Form 16

• Certified letter from the employer

• Payslips for last 2 months

• Appraisal/Promotion letter

• IT returns for past 3 years

• Investment proofs (if any) like FDs, shares, etc.

2. For Self-Employed Applicants - 

• Income Tax Returns (ITR) for last 3 years

• Business Licence Details

• Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a Chartered Accountant)

• Licence of Professional Practice (for doctors, consultants, etc.)

• Registration Certificate of Establishment (applicable for shops, factories, and other establishments)

• Proof of business address

List of Documents Required for NRI/PIOs Applicants

If you are an NRI (Non-Resident Indian) or a PIO (Person of Indian Origin), you need to furnish a different set of house loan documents to get your home loan approved from the bank/NBFC. Here is a list of all documents that an NRI/PIO requires to avail a home loan:

1. KYC Documents:

As an NRI/PIO, you may furnish any of the following KYC documents:

• Passport with Visa stamps/PIO Card

• Proof of address with the current overseas address

a) Proof of Income (for salaried NRI/PIOs):

• Work permit

• Employment contract/appointment letter/offer letter (duly attested by employer/consulate/foreign office/embassy)

• Labour card/identity card (documents in a language other than English must be translated into English and countersigned by the consulate)

• Last 3 months' salary certificates/salary slips (in English) specifying the name, date of joining, designation, and salary details for applicants working in the Middle East

• Last 6 months' bank statements showing salary credits to NRE/NRO account (if any)

• Credit Information Report (if available in the country where the applicant is residing)

• Duly acknowledged copy of the last year's ITR (except for NRIs/PIOs located in Middle East countries and employees in the Merchant Navy)

• A copy of the Continuous Discharge Certificate (CDC) for applicants employed in the merchant navy

• Form P60/P45 and latest employment contract (for salaried applicants)

• Loan account statement for the last 1 year in case there is any active loan from any lender

b) Proof of Income (for self-employed NRI/PIOs):

• Business licence/Licence of Professional Practice (for doctors, consultants, etc.).

• Registration Certificate of Establishment (applicable for shops, factories and other establishments)

• Address proof for the business

• Proof of income in case of self-employed professional/businessperson

• Last 3 years’ balance sheets and P&L accounts audited or certified by a CA

• Last 3 years’ ITR (except for NRI/PIO located in Middle East countries)

• Last 6 months’ bank statement of overseas account in the name of individual and/or company/unit

List of KYC Documents for Home Loan Application

You need to submit a few KYC documents such as a proof of identity, proof of address, and a proof of age. Here is a list of documents that the banks/NBFCs accept under each categories:

1. Proof of Identity:

Banks/NBFCs usually accept any of the following documents as proof of identity:

• Passport

• PAN Card

• Driving Licence

• Voters ID Card

2. Proof of Address:

You can furnish any of the below-mentioned documents as proof of address:

• Electricity Bill

• Ration Card

• Telephone Bill

• Employment Letter

• Passbook or Bank Statement with address

3. Proof of Age:

You can submit any of the following documents as proof of your age:

• PAN card

• Passport

• Birth certificate

• Driving licence

• Bank passbook

• Class 10th mark sheet

What If Any Important Document is Not Submitted 

When you apply for a loan, documentation plays a very crucial role. When applying for a home loan, it is highly recommended that you are thorough with the home loan documents list. In case you miss submitting an important document, it can even lead to the dismissal of your loan application. Most lenders would offer you a checklist well in advance so that you can compile and keep ready all the necessary documents and include them with your application. There are certain forms that are to be filled and submitted by you, the applicant.

When you approach the lender for the loan, make sure you clarify all your doubts and concerns about the paperwork. Make sure to obtain the documents that are specific to your loan needs. There are certain differences in documents required for home loan for salaried person and documents required for home loan for self employed. So, it is important to stay aware.

Other Property Documents Required for Home Loan

Apart from the KYC documents and proof of income documents, you also need to furnish some property-related documents. Here is a list of all the property documents that you need to submit along with your home loan application:

• Deed of Sale or Sale Agreement or Share Certificate (original) in case the property is located in a cooperative society

• Receipts for the taxes paid for the building and the land, certificate of possession, and certified sketch of the location of the property from revenue authorities

• Allotment letter from the society/housing board/private builder

• Receipts of advance payments in case of flat purchases

• Certificate of non-encumbrance encompassing the last 12 or 30 years

• Receipt of land tax payment and certificate of possession issued by the revenue authorities

• Approved building plan (showing floor plan for flat purchase)

• Original No Objection Certificate (NOC) issued under the ULC Act, 1976

• Copy of relative order if agricultural land is being converted

• No Objection Certificate (NOC) from builder/housing society

• A detailed estimate of the construction cost

• Letter from society/builder/housing board mentioning their bank and account details, for instalment remittance

• Report from a lawyer as per the standard format

• Report stating the valuation of property in the standard format by an empanelled valuer

• Power of Attorney for collecting original documents of the property in event of the demise of the loan borrower:

1. Letter requesting handing over of the property documents from legal heir/nominee(s)

2. Letter relinquishing the right to legal heirs/nominees for property documents handover

Avail a home loan and enjoy complete transparency in terms of fees and charges calculated on your loan amount. We also encourage you to compare home loan interest rates and fees before you make a decision. With Bajaj Markets, you get the ease of applying for a home loan online.