Getting the housing loan approved is a nerve-wracking task. One of the ways to get your loan approved is by applying for joint loans. They get passed quickly because lenders can rely on more than one person to repay the EMIs. However, when you apply for joint home loans, all the members must offer the documents required for home loan. Following are the papers you need to submit for getting the joint loans approved.
Application form
You need to furnish a duly filled home loan apply document, i.e. the application form which mentions the names of both the applicants. You should list the primary and secondary borrowers and specify the borrowing percentage. Moreover, you must check which combinations are applicable for joint loans. For instance, the accepted combinations are husband and wife, father and son, and two brothers. Loans may be taken jointly for two sisters as well. Parents can apply for such loans with their daughters, keeping the daughter as the primary applicant.
ID and age proofs
The other set of home loan documents for joint loans include ID and age proofs. Joint loan applicants need to offer a photocopy of any Government-approved ID documents from the list of the accepted ones. You can give photocopies of PAN card, Aadhaar, passport, driving license, or voter’s ID. Any Government-approved document features both your photo and date of birth.
Address proofs
The list of documents required for home loan includes residence proofs. The current address of all applicants applying for the loan should be the same. Again, you should submit photocopies of Government-approved papers bearing your address in it, for instance, Aadhaar, passport, driving license, ration card, utility bills, insurance papers, etc.
Employment proofs
Lenders need to check your employment status before approving the loan. As such, you need to provide your employment proof documents too. Mention whether you are a salaried or self-employed person and furnish the supporting documents for the same. For instance, salaried employees must submit their resume and offer letter as employment proofs, while independent professionals should submit their resume and offer letter as employment proof. Meanwhile, self-employed joint applicants need to provide their business license details.
Income proofs
The applicants applying for joint home loans should give photocopies of their income proofs. For instance, if you apply for a joint loan with your spouse, both you and the spouse need to provide copies of three to six months’ salary slips, photocopies of filed ITR from last three years, form 16, and other such documents required by the lender. Self-employed people need to produce their profit and loss statements attested by the CA along with ITR documents, etc.
Property documents Besides the personal home loan documents, joint applicants should also provide property documents of the one they wish to buy. You should have documents such as the NOC from the builder, occupancy certificate, registered sales deed, and allotment letter, copy of the floor/ building plan, land-tax receipt, and other property-related papers.
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