Essential Documents Required For Home Loan in 2024: Complete Checklist

Are you looking for a new house or apartment? Applying for a home loan is the first thing to do after finalizing the property. Before visiting the bank or any financial institution, make sure you have all the documents required for the home loan in 2024. Today, we bring you a list of required documents for a home loan or mortgage loan. Documents to verify your income, job stability, and other factors. The requirement of the document varies with the category of customers who are applying for a home loan. Let’s check out the documents list-

• • Application Form: To apply for a home loan, the first step is to fill out the application form provided by the bank or financial institution. It is for when you have to fill in your personal details like name, number, contact details, income source, property details and many more.

  • Identity Proof: You need to submit a copy of valid identity proof like an Aadhaar card, passport, voter ID card, or driver’s license. YOu can submit anyone to the bank.

• • Address Proof: you need to submit a copy of valid address proof like an Aadhaar card, passport, utility bills (electricity, water, gas), or rental agreement. Make sure it is your current address proof where you are living, not the new address.

  • Income Proof: Candidates have to submit proof of income, so the bank can trust you that you can repay the payment. If you are a salaried candidate, then need to provide salary slips, Form 16, and bank statements. If you run any business, then submit the income tax returns, profit and loss statements, and balance sheets.

  • Photo: 3 or more passport-size photos are required for the application form and other forms.

  
  
  
  

  • Employment Proof: Salaried candidates have to submit employment certificates, appointment letters, and employment contracts to prove their employment and employment history. It is required to have stable employment. You can ask for it from your current employer.

  • Business Proof: Business candidates have to submit registration documents, GST registration certificates, and other relevant business licenses to prove their business activities and business category.

  • Bank Statement: Get a bank statement for the past six months which contains salary credits, savings, investments, and loan repayments. Banks need to check your financial stability and transaction history within a month.

  • Property Documents: A proof of property document that is being purchased is required to submit to the bank. It can be a sale deed, title deed, property tax receipts, and approved building plan. It is a verification of the property’s legal ownership and authenticity.

  • Credit History Report: It is one of the essential documents you need to submit. Get a credit report from the CIBIL, Equifax, or Experian. It contains the last history of your repayments and creditworthiness.

• Loan Application Processing Fee: A proof of payment of the loan application processing fee. Attach it with your application form

• Income Tax Return: Candidates need to submit the valid Income tax returns (ITR) file for the past two to three years. It is a verification of income consistency and tax compliance.

• Signature: Candidates need to verify the signature by the bankers of the applicant.

• Liabilities Statement and Personal Assets: Candidates need to submit the list of all liabilities statements and Personal Assets.

• Challans as proof of Advance Income Tax payment: Candidates need to submit a copy of challan for self-employed or business.

• NOC from Relevant Authorities: Some banks require a No Objection Certificate (NOC) from local municipal authorities, housing societies, or other relevant bodies.

If you are an NRI Candidate who wants to buy a house in India, then the list of required documents for a home loan changes a bit.

• First, you need to establish a KYC document.

• Candidates need to give business documents like Trade License, Sponsor Agreement, Power of Attorney, etc.

• A copy of the passport with the current visa status.

• A proof of the last 6 months’ NRO/NRE bank statement.

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