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Documents Required for Home Loan

Home Loan Documents for Salaried

Last Updated 27th May 2022

  • Home loan documents list may vary across banks and NBFCs.
  • Documents required for home loan application by salaried and self-employed are different.
  • A salaried employee has to submit identity proof, address proof, income proof and identity documents.
  • Documents required for home loan balance transfer include existing home loan documents such as EMI slips, previous home loan application form etc.
  • In case of a co-borrower, you need to submit documents such as identity proof, income proof and address proof.
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Home Loan Documents

A home loan approval process is complete only when the document verification is successful. Without going through this verification procedure, your application is not completed. As a home loan is a secured loan, property papers and other documents are of utmost importance. Generally, the documents required to process your application are KYC documents, income documents and property documents etc. Home loan documents may differ from one bank to another bank, but they are important to get any loan. Here is a general home loan documents list that is required by financial institutions to process your application.

Home Loan Documents Required for Salaried Employees

Following are the documents required for home loan for salaried person:

  • Application Form with photo which is signed by Primary Borrower and Co-borrower(s)
  • Identity Proof of Primary Borrower and Co-borrower(s) – PAN Card (Mandatory)
  • Residential Address proof of Primary Borrower and Co-borrower(s) – Any one of passport, Aadhaar card, voter ID card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill. Bills and statements must not be more than 3 months old
  • Last 3 years Form 16, last 6 months salary slip, last 6 months bank account statement showing salary credit
  • Property- Registered Sale Deed/ Conveyance/ Lease Deed
  • Under construction builder property – Builder buyer agreement, receipts of payment made, allotment letter
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment)
  • Latest House Tax Return/ Receipt (not needed in case of under construction property)
  • Approved Building Plan from Municipal Corporation for self constructed property (case to case)

Home Loan Documents Required for Self Employed

Following is the list of documents required for home loan by self employed:-

  • Application Form with photo
  • Identity Proof of Primary Borrower and Co-borrower(s) – PAN Card (Mandatory)
  • Residential Address proof (Any one of the following) – Passport, Aadhaar card, voter ID card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill. These must not be more than 3 months old
  • Office address – ownership/ lease / rent agreement/ utility bill
  • Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA. Last 12 months bank account statement (self and business)
  • Certificate and Proof of Business Existence
  • Business Profile
  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Builder buyer agreement, receipts of payment made, allotment letter
  • Past Sale Deeds Chain
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation for self constructed property

Documents Required for Home Loan Transfer

Documents required to apply for home loan balance transfer are:-

  • Loan statement (loan track) and list of property documents (LOD) in possession of existing lender
  • Last 12 months statement of bank account from which loan EMI is paid

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FAQs

What documents are required to avail home loan without ITR?

To avail a home loan without ITR, a self employed borrower can submit the following home loan documents:

  • Balance Sheet and Profit & Loss Statement after being attested by CA.
  • Bank account statement for the current account of a business entity and the savings account statement of the individual.

How to avail home loan without income proof?

Certain lenders also provide home loans without income proof to applicants who own small shops and businesses like a ‘kirana store’. In such a case the repayment capability is assessed based on the income identified through bank statements, along with their other savings and liabilities.

What is the minimum salary required for a home loan?

The minimum salary required to avail of a home loan is ₹ 25,000. The minimum salary requirement for every bank and NBFC is different, ₹ 25,000 is generally required by banks.

What are the documents required for a home construction loan?

Documents required for home loan while the property is under construction are identity proof, address proof, income proof and builder buyer agreement, receipts of payment made, allotment letter.

Can I get a home loan if I don't have property documents?

No, to get a home loan, it is mandatory to have property documents required for home loan such as registration papers of the house as these are one of the primary documents to avail of the loan. In the case of under-construction property, banks may approve a home loan without registration documents. However, you must have a completion certificate, and the property must be registered after the possession.

What is the process of home loan documentation?

Home loan documentation is the process of submitting your documents for verification. It is mandatory to submit home loan documents to successfully complete your home loan application. Home loan documents can be submitted by providing a physical or soft copy of your documents.

What is the home loan documentation process of SBI?

SBI home loan documentation process involves submission of documentation and verification of SBI home loan documents. You need to submit documents at the time of applying for an SBI home loan.

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