A house loan or home loan simply means a sum of money borrowed from a financial institution or bank to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment terms. There are various type of cuments needed for availing a Housing Loan.
The documents required for a home loan application are more or less the same for various banks, and other lending institutions. A few specific requirements may vary from lender to lender. The home loan documents required might also differ on the basis of your loan scheme, the purpose of the loan, individual credit profile, etc. Check below the list common home loan documents that your lender might request at the time of home loan application.
Documents needed for a home loan can be categorized as Identity related Documents, Property Related Documents and Income related Documents.
Identity-related (KYC Documents:)
These include your identity and address proofs. Some documents that you can submit for this requirement include a valid passport, voter ID card, Citizenship certificate etc.
> Copies of citizenships of people involved along with their 3 generation details (borrowers, property owner(s), guarantors, spouses, people whose income has been considered usually made co-borrowers, major legal heirs in the family)
> Recent passport size photographs of the people involved as mentioned above.
> Relationship certificate
Property related Documents:
These documents include the agreement to sell, the title deeds, etc. The lender does a due diligence on the property based on these documents.
> Copy of land ownership certificate (LOC)
> Copy of land and/building tax receipt
> Four boundaries certificate (Original)
> Trace Naksha and Blueprint (Computer print is issued at present) (Original) (Bank has to issue a letter to Napi for the map print. the prospective borrowers will pay the cost and the bank staff will collect the computer print)
> Building’s Blueprint, Building Construction permission and Building construction completion certificate in case of already built building)
Credit/Income related Documents:
These documents help the lender assess your loan eligibility. If you are employed, you can submit your salary slips of the last 3 months; if you are self-employed, you can submit income tax returns along with computation of income of the last 3 years.
> Income certificate from the respective employers certifying the income, rent agreements or Audited Financial statements.
> Bank statement to support the income.
> Tax receipts
Note: Required documents for loans may slightly differ among financial institutions
