These days, with a rise in prices of necessities, owning something for oneself, has become a distant dream. Inflation has affected every sector of the economy, especially real estate. People would prefer to buy a house of their own than to live in rented apartments at the mercy of the landlord. Living a peaceful life is the motto for most of individuals today.
Taking a house on loan is the best option for those who want to escape the hassle of facing the landlord. House owners these days do not compromise on their budget and charge rents that are difficult for others to afford. Hence, people opt for housing loans from banks to help them meet their essential requirement – Shelter. They approach banks and fill an application form for a housing loan. They also attach a few documents.
Following is a list of documents required for home loan:
Passport Sized Photograph: This is necessary for identification purpose of the applicant.
PAN Card: PAN Card, Election Card, passport, driving license or ration card are the supporting documents for residence and age verification.
Utility Bills: Proofs such as electricity bills, telephone bills, etc., can be used as proof for business/office address.
Bank statements: It is essential to provide bank statements of the past six months for employment proof.
Copy of Income Tax Returns: It is of great benefit to provide income tax return copies along with the assessment order for the previous three years as proof of income.
Salary slips: The documents required for home loan also include salary slips of the previous three months in the case of salaried persons.
LIC and Investment Copies: If applicants have any investments in their names, they should produce proof of LIC and Investment copies to get a home loan.
Brief Profile of the company: Self-employed loan applicants need to submit documents that contain a brief about the company where they work.
Property documents: The banks also require a copy of assets and property that belong to the applicant such as NOC from the builder, occupancy certificate, building plan, allotment letter, land tax receipt, etc.
Once the bank receives these home loan documents along with the application form, it will begin the home loan process. Fill the home loan apply paper with the correct information for faster loan application and processing.
Conclusion
This article is a brief on the documents required for home loan application and processing. If the applicant submits the papers on time, there are chances of higher benefits and quick approval.
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