What is the checklist for documents required for Home Loan?

[Kanika Shelatkar]

Owning a house in India is like achieving a life goal. It offers safety and protects you and your family from danger. You are independent without compromising on your priorities. You get the freedom to lead a carefree life. There are lesser liabilities and worries when you have shelter under your name. A Home Loan is a popular financial product in India offered by banks and other financial institutes to help fulfil your desires.

One of the solutions to ensure quick disbursal is to submit the correct documents required for Home Loan. It helps the executives evaluate and process the application quickly. It is safer to refer to a checklist while applying for a loan. Since buying a home is a lifetime experience, you expect a smooth loan process.

Duly signed application form
Fill the loan application form with correct, complete, and up-to-date information. Attach your photograph and sign it by rechecking the fields. If you have a co-applicant, mention their details as well.

Processing fee cheque
It contains the details of the consolidated amount paid finally at the time of loan disbursal. Enter the correct amount as it is an important document required for Home Loan. Every lender charges fees to the applicant for processing and disbursing the loan in India.

Property documents
They are one of the Home Loan required documents containing the sale agreement or deed, allotment letter, NOC from the builder, etc. Submit them as proof of property ownership and allotment to the lenders.

KYC documents
The Know Your Customer documents include proof of identity, birth, address, and signature, like an Aadhaar card, PAN card, utility bills, passport, birth certificate, etc. Attach a passport-sized photograph for verification.

Income documents
The required documents for Home Loan include recent salary slips, Form 16, and recent bank statements not older than six months for salaried individuals. After assessing your Home Loan eligibility criteria and checking the documents, you receive loan approval. The lender credits it in your account for use.

Points to note
Since there are different lenders offering loan schemes, their criteria and requirements differ. Before finalising the lender, you need to check and compare the Home Loan interest rates, processing fees, and other terms. Always choose an affordable loan scheme within your repayment capacity to avoid financial issues.

How to apply?
It is simple to apply for Home Loan online and offline. Log on to the lender’s website, fill in the details, and submit the application form with the documents. You also visit the lender branch to submit the documents physically and receive approval within some days.