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:
Aadhaar Card
Voter ID Card
PAN Card
Passport
Driving Licence
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
PAN Card
Passport
Birth Certificate
Class 10th Marksheet
Bank Passbook
Driving Licence
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
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:
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
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:
Banks/NBFCs usually accept any of the following documents as proof of identity:
Passport
PAN Card
Driving Licence
Voters ID Card
You can furnish any of the below-mentioned documents as proof of address:
Electricity Bill
Telephone Bill
Employment Letter
Passbook or Bank Statement with address
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
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.
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:
Letter requesting handing over of the property documents from legal heir/nominee(s)
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.
The documentation process for a home loan is fairly simple. You can submit the required documents either as physical copies or you can also upload the soft copies of the same on the bank’s/NBFC’s website (most private sector banks and NBFCs allow submission of soft copies).
Approval of a home loan depends upon a number of factors like the applicant’s credit score, income, age, etc. You can get your home loan approved without submitting an ITR provided you furnish another proof of income such as salary slips, Form 16, increment/promotion letter, etc.
To avail a home loan from a bank or an NBFC, you need to furnish certain documents such as identity proof, proof of address, proof of age, and proof of income. Apart from these documents, you also need to submit some property-related documents like receipt of the taxes paid, letter of approval of the building plan, NOC from the builder/society, etc.
You will need to submit a certain set of documents to avail a home loan. However, some private sector banks and NBFCs would process your home loan with minimal documentation.