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Home Loan Documentation

Owning a home is probably one of the most precious and cherished dreams of any person; especially when he/she has to earn his/her living from a fixed quantum of salary. For that you basically have two options-either save/invest in a planned way, or take a home loan. Numerous Banks nowadays have tailor-made packages to serve you, with lots of promises to disburse your loan. The only precondition is your home loan documentation should be ok. After all the credit appraisal officer is also a salaried person! He has to document the papers in a proper way so that if tomorrow you fail to pay the money, he has got enough piles of paper to save his back! Jokes apart, home loan documentation is the first & foremost hurdle for a salaried individual in the way of getting a Home Loan. So here is a checklist for every salaried person to comply before he proceeds to any bank of his choice to apply for a home loan.

The Banks normally try to assure themselves of three things: -

a)Income/Employment Proof of the applicant-so that he can repay the loan

b)Identity & Address Proof of the applicant-so that he can be easily traceable

c)Authenticity Proof of the House Property-so that the applicant doesn't come after few days seeking a personal loan for litigation with the promoter!

Each of the aforesaid issues are dealt in below, listing each individual documents, generally sought after , by both the Nationalized & Private Banks.

A. INCOME PROOF

a. Salary slips for the last three months

b. Appointment letter

c. Salary certificate

d. Retainer ship agreement, if appointed as a consultant

e. Form 16 issued by the employer in your name.

f. Last three years Income Tax Returns duly filed and certified by the Income Tax authorities.

g. Similar documents-separately for each co-applicant.

Please Note:

Co-applicant's income can be considered for enhancing your loan eligibility or increasing

your loan amount. Please ensure that all financial documents of co-applicant(s) are attached with your India Home Loan Application.

B. EMPLOYMENT PROOF

a. Identity card issued by your employer

b. Visiting card

C. AGE PROOF

a. Passport

b. Voter's ID card

c. PAN card

d. Ration card

e. Employer's Identity card

f. School leaving certificate

g. Birth certificate

C. RESIDENCE PROOF

a. Ration card

b. Passport

c. PAN card

d. Rent agreement, if you are staying currently on rent

e. Bank Pass book

f. Allotment letter from your company if you are residing in company quarters.

D. NAME CHANGE PROOF (IF APPLICABLE)

a. A copy of the official gazette b. A copy of a newspaper advertisement publicizing the name change c. Marriage certificate

E. INVESTMENT PROOF (IF APPLICABLE)

a. Bank statement for the last six months of all operating and salary accounts

b. Bank statements for the last six months of all current accounts, if self-employed.

c. Any other photocopies of investments held, if required by the Bank

F. INVESTMENT PROOF (IF APPLICABLE)

a. Bank statement for the last six months of all operating and salary accounts

b. Bank statements for the last six months of all current accounts, if self-employed.

c. Any other photocopies of investments held, if required by the Bank

F. PROPERTY TITLE PROOF

a. Original Sale agreement with Builder/Developer duly registered, Registration receipt

b. Tripartite agreement from builder/developer

c. Land documents indicating ownership, eg.- Photocopies of title deeds, if applicable

d. A certificate by the legal advisor of the builder to the effect that the builder has a good reputation and it is free from encumbrance and other charges.

e. A certificate from builder's Chartered Accountant certifying that the builder has not mortgaged the property anywhere else

f. Certified true copy of approved plan.

g. Copies of receipts of payments made to builder/developer.

h. Allotment letter

i. Possession letter

j. Lease agreement, if applicable (Property bought from a development authority)

k. Mortgage deed if the Bank opts for a registered mortgage.

l. No Objection Certificate from the developer, society or development authority as applicable

m. Personal Guarantees, if applicable.

n. In case of alternate or additional security, documents for the same depending upon the security details.

o. For self-construction:

Approved plans and clearance certificates along with estimates

p. Post dated cheques for the EMIs.

The above documents are only indicative in nature and do not cover the entire list. It may also be noted that in a resale case, the previous chain of agreements also need to be taken.

N.B.
1. The above documents represent an illustrative list

2. In case of NRI's separate set of documents over & above the documents already stated, will be necessary.

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