Filled-up home loan application form:
Please ensure that you fill up the form exactly as required by the bank or NBFC. This form should also have your passport size photograph affixed.
Photo ID proof:
You’re free to use any of the following as your photo identity proof: passport, driving license, voter ID card, aadhaar card or PAN Card. Please make sure that your photograph on the proof is clearly visible and can be easily identified with you. If any of these photo identity proofs also has your latest address on it, you could use it as your residence address proof as well.
Residence address proof:
You can use either of the following documents as your valid residence address proof: registered rent agreement, passport, utility bill, driving license, aadhaar card or voter ID card. Any of these documents can also double-up as a photo ID proof if it has your clearly visible and identifiable photograph on it. Please note, if you’re using utility bill copy as your residence proof it should be of up to last 3 months. And registered rent agreement is not the same as a notarized rent agreement.
Residence ownership proof (if applicable):
If you currently own a property and would like to raise a loan against it, you could use your property ownership document (sale deed, transfer of ownership, sale agreement or khata), rent agreement or maintenance bill copy as the proof of ownership.
While the prospective lender might ask for residence ownership proof separately, it might also ask you to furnish a whole set of other related property documents (including the residence ownership proof). The lender will also request some of these documents if you’ve already identified the property you wish to purchase.
These documents are:
- Transfer of ownership or khata or sale agreement or sale deed or share certificate (if it’s a cooperative society)
- Advance payment/s receipt/s
- Allotment letter from private builder or housing board or society
- Approved building plan (clearly showing the floor plan of the apartment under consideration)
- Permission letter from the concerned authority
- NOC from housing society or builder
- Sketch of the property location certified by the revenue authorities
- Property tax payment receipt
- Letter issued by the housing board or builder or society stating their bank details, for the purpose of installment remittance
- Related order copy if it’s a case of conversion of agricultural land
- Power of Attorney for the purpose of collecting original property documents
- A report (in standard format) stating the property valuation done by an empaneled valuer
- A lawyer report (in standard format)
- If it’s a case of land purchase, a declaration from the loan borrower clearly stating the date by which he/she will construct house on the said land
- A detailed estimate of the construction cost involved
- NOC issued as per the 1976 ULC Act
- A non-encumbrance certificate covering the past 12 or 30 years
Advance processing cheque:
You’d need to provide an advance processing cheque (of the amount specified by the lender) for the purpose of processing the loan application and documents. Apart from that, the lender might ask you to furnish a cancelled cheque for bank account validation too.
As evident, these are proofs of any investments you might have made, such as mutual funds, LIC, equity shares, property etc. These investments can be used as collaterals, giving the lender something to fall back on (in case of default) and get you a good home loan deal.
Office address / ownership proof:
Some of the documents that can be submitted in this regard include utility bills, maintenance bills and/or property documents of the office.
Business existence proof:
The business existence proof involves documents like SARAL copy for the last 3 years, company registration document or document of registration under the Shop Establishment Act.
When it comes to self-employed professionals banks and NBFCs usually ask for last 3 years’ IT returns including all accounts-related documents like P&L statement, balance sheet etc. as income proof. They expect all accounts and income related documents to be duly attested by a Chartered Accountant.
You’d be required to submit last 1 year’s bank statement, both of your personal as well as business account, clearly reflecting the transactions as recorded in your business accounts. These statement/s must also show any EMIs that you’ve been paying towards any outstanding debt.