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Home loans are easy to come by these days. So, don’t fret over it. Focus on the documents you need to furnish while applying for a home loan.
Documents required: We give you a standard list of documents your bank will ask for. Besides this you need to submit details of the property or home you are obtaining the loan for.
Tip: Check with your Bank or Non-Banking Financial Companies to figure out which of the following documents you need to submit, as the requirements differ from bank to bank.
1. Identity proof – Driving license – Voters ID – Passport – PAN card – Ration card – Employee ID – Bank passbook – Letter from a recognized public authority or public servant verifying your photograph – Confirmation letter from your employer or another bank verifying your photograph
2. Address proof – Driving license – Voters ID – Passport – Ration card – Bank passbook or Bank account statement – LIC policy/ receipt – Utility bill – telephone, electricity, water, gas (less than 2 months old) – Letter from any recognized public authority verifying residence address of the customer – Letter from your employer
3. Age proof – Driving license – Passport – Bank passbook – PAN card – Birth certificate – 10th standard mark sheet
4. Income proof Income proof and property proof vary for a salaried individual and a self-employed individual. a. Self Employed/Businessmen – A brief introduction of Business/Profession – Balance Sheet, profit and loss account statement of income, proof of income tax returns for the last 3 years certified by a CA – Photographs – Receipts of advance tax payments if any made – A photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act – Registration Certificate for deduction of Profession Tax – Certificate of Practice – Receipts of Bank loans – Proof of investments (FD Certificates, Shares, any other fixed asset) b. Salaried individuals – Income Proof (any one of the following): Latest Pay slip Form 16 Increment/Promotion letters Appointment letter Pay slip (Last 2 months) with salary account bank statement Certified letter from Employer IT returns ( for three years ) – Investment proof (FD certificates, shares, any fixed asset etc.) – Documents supporting the financial background of the borrower (liabilities and assets if any) – Photographs
5. Property documents: If a flat is purchased from a builder, you need the following property documents: –
- Original copy of your agreement with the builder
- 7/12 extract – This is issued by the concerned land authorities giving details such as the survey numbers, area, date from which current owner is registered as owner etc.
- Property register card, which is obtained from the City Survey Department
- N.A. permission for the land from the collector, if its agricultural
- If the land is agricultural and is being utilized for residential/ commercial/industrial use, then such agricultural land has to be converted to non-agricultural land and a Non-Agriculture Order has to be obtained from the Collector of the district where the property is located.
- Search Report and Title Certificate - A search report and title certificate can be obtained from an advocate who will conduct a survey of the title of the property by visiting the office of registrar. A legal opinion can avoid any legal hassles later and is mandatory to be filed with the agreement for sale.
- Development agreement between the owner of land and the builder
- Copy of order under the Urban land Ceiling Act
- Copy of building plans sanctioned by the competent authority
- Commencement certificate granted by the Corporation
- Building completion certificate
- Latest receipts for taxes paid towards the land or property or flat to be purchased
- Partnership deed or memorandum of association of the builders firm. If a flat is purchased from a Cooperative Society, you need the following property documents
- Original share certificate of the Society
- Allotment letter from the Society in your name
- Copy of the lease deed, if executed
- Certificate of the registration of the society
- Copy of the bye laws of the Society
- No objection certificate from the Society
- 7/12 extract or property register card in the Society’s name
- Copy of N.A permission for the land from the collector
- Search Report and Title Certificate
- Copy of order under the Urban Land Ceiling Act
- Copy of the building plans sanctioned by a competent authority
- Commencement certificate granted by Corporation
- The latest receipts of taxes paid for the property – Original Agreement to assign / Deed of assignment
If you are constructing on your own land, then you will need the following property documents.
- Original sale deed of land and extract of Index II – 7/12 extract or property register card in your name
- Copy of N.A. permission for land from the collector
- Search and title report
- Copy of tax paid under Urban Land Ceiling Act (obtained from Commissionerate of Urban Land Ceiling and Urban Land Tax)
- Copy of the building plans sanctioned by a competent authority
- Building permission granted by the Corporation
- The latest receipts of taxes paid for your land
- Estimate of the cost of construction certified by the architect
