Documents requried for Home Loan

Depending on the group of clients (salaried/professional/businessman/NRI) they belong to, an applicant must present a variety of documents that verify their KYC, the antecedents of the property they seek to acquire, their income background, etc. in order to secure a house loan. The paperwork needed to apply for a house loan in India are listed below:

15 Documents that all citizens will require:

• Loan application form.
• Property detailed documents
• 3 photographs passport sized.
• Identify proof
• Residence proof
• Bank Account Statement/Passbook for the last 6 months.
• Liabilities statement and Personal Assets.
• Signature verification by bankers of the applicant.
• Salary Certificate (original) from the employer. (Salaried individuals)
• Form 16/IT Returns for the past 2 financial years. (Salaried individuals)
• IT Returns/Assessment Orders copies of the last 3 years. (Self–employed professionals)
• Challans as proof of Advance Income Tax payment. (Self–employed professionals)
• Proof of business address for non-salaried individuals. (Self–employed professionals

NRI-Specific Documents:

• Document establishing KYC.
• Latest IT Returns (for applicants filing IT returns in the country).
• Copy of Passport showing the page of residence visa.
• Bank statements copies from overseas of the past 6 months.
• Salary Certificate from employer stating in English the name (as per passport), designation, passport number, date of joining, and latest salary.
• Last 3 to 6 months’ salary slips reflecting variable components like incentives, overtime, etc.
• For Self Employed NRIs, business documents like Trade License, Sponsor Agreement, Power of Attorney, etc.
• Proof of employment by the Government of the residing country like work permit, labour contract, etc.
• Documents related to the Property with cost estimates from an Indian Architect or Engineer.
• For Salaried NRIs, income documents attested by an embassy official are required if there’s no documented evidence for salary credit or fund remittance to India available.
• Last 6 months’ NRO/NRE bank statement.
• If the applicant is unavailable in the country at the time of signing documents, Power of Attorney needs to be produced by the person acting on their behalf.

Documents Required for a Home Loan Application

The following list includes some of the typical documents accepted as KYC:

• Proof of Age : PAN card, Passport, Birth certificate, Driving license, Bank passbook, Marksheet from 10th class (Any 1)
• Photo ID proof : Passport, PAN Card, Driving License, Voter ID (Any 1)
• Proof of residence : Electricity Bill, Ration Card, Telephone Bill, Employment Letter (Any 1)

Documents Required for Loan Guarantor

• Identify proof.
• Residence proof.
• Liabilities Statement and Personal Assets.
• 2 photographs passport sized.
• Proof of business address.
• Signature identification from present bankers.

Property Documents Required for Home Loan

• Approved building plan (showing floor plan for flat purchase).
• Original No Objection Certificate issued under the ULC Act, 1976.
• Deed of Sale or Sale Agreement or Share Certificate (original) in case of a cooperative society.
• Copy of relative order if agricultural land is being converted.
• No objection certificate (NOC) from Builder/Housing Society.
• Receipts for taxes paid for Building and Land, certificate of possession, and a certified sketch of the location of the property from revenue authorities.
• Allotment Letter from Society/Housing Board/Private builder.
• Receipts of advance payments for the flat purchase.
• Certificate of Non-encumbrance encompassing the last 12 years/30 years.
• Receipt of land tax payment and certificate of possession issued by revenue authorities.
• Permission letter from Appropriate Authority.
• Detailed estimate of construction cost.
• Letter from Society/Builder/Housing Board mentioning their bank and account details, for instalment remittance.
• Applicable for purchase of land plot, a declaration by loan borrower stipulating the date by which to construct a house.
• Report from a lawyer as per standard format.
• Report stating the valuation of property in a standard format by an empanelled valuer.
• Post closure of loan, documents required for the handover of original Property documents.
• Power Of Attorney for collecting original documents of Property.
• In event of the demise of the loan borrower:
  • Letter requesting handing over of Property documents from Legal Heir/Nominee(s).
  • Letter relinquishing the right to Legal Heirs/Nominees for Property documents handover.