Real estate prices have been steadily rising in India over the last two decades. This does not in any way dampen the spirit of millions of people who are still aspiring to become homeowners. The challenge is that most will not be able to purchase their dream home outright. This is where a home loan plays a vital role. Along with loan application forms, you need to provide certain documents for identity, eligibility, and income verification. Below, you will find a comprehensive list of documents needed for a home loan.
Table of Contents
- List of Documents Required For a Home Loan Application
- Home Loan Documents Required By Employment Type
- What Happens If You Miss Out on a Required Home Loan Document?
- Check the Home Loan Documents List
- FAQs
List of Documents Required for a Home Loan Application
SMFG Grihashakti provides a range of home loan products that cater to the demand of Indians who dream of owning their little abode. Simply complete your pre-assessment, eligibility check, and document submission to put forward your application.
To make the application, the following house loan documents are required:
- PAN
- Proof of identity - PAN Card, Voter’s Card, Driving Licence, Employee Card
- Proof of residence - Aadhaar Card, latest electricity bill/piped gas bill, Ration Card, property tax/water bill
- Co-applicant guarantor - KYC documents
- Bank statement for the past 6 months for income verification
Home Loan Documents Required by Employment Type
The home loan documents required depend on the applicant’s employment type. These documents help lending financial institutes verify the credibility and ability of an applicant during the application process. The type of employment is divided into two types, i.e., salaried and self-employed.
Salaried individuals are contractually bound to a company and usually have the assurance of getting regular income. Hence, their required home loan documents often include salary slips for the last 3 months. Self-employed individuals either have their own company or are freelancers who work according to their will. They are not contractually bound to a company and have a relatively fluctuating income. Thus, their documentation checklist is slightly different to those of salaried individuals.
Given below are the required paperwork for both of these categories:
| Documents Required for Home Loans |
For Salaried |
For Self-Employed |
| Basic KYC documents and proof of residence |
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| Form 16 or Income Tax returns for the last 2 years |
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| Pay slips (salary slips) for the last 3 months and bank statements |
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| Occupancy documents like Sale deed, title deed, approved building plan, etc |
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| Passport-size photographs with the duly filled application form |
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| Proof of business existence like Trade License, GST registration, PAN, Partnership deed, Memorandum of Association, etc. |
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| CA audited financial statements along with the Balance sheet and profit and loss statement of the last 2 years |
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Property Documents Required for Home Loan
You will also need to provide home loan documents related to the details of the property you wish to purchase. The required housing loan documents include the following:
- Sales deed, stamped sales agreement of sale, or allotment letter
- NOC from the housing society or property developer
- Possession certificate and land tax receipt from the land/ land revenue/ revenue department
- Detailed estimation of the construction cost
- Bank account statement or payment receipt outlining all information related to any payments made to the property developer or seller.
- Occupancy certificates (applicable for constructed apartments)
What Happens If You Miss Out on a Required Home Loan Document?
A loan application can be rejected if an important, required house loan document is missing. If you do not have a document, consult with the lender for alternate submission possibilities. To obtain the required housing loan document without causing the loan procedure to stall, ask the lending institution for more time.
Make sure you file a police complaint and give the lender the report if any of your required home loan documents are missing or stolen. Having the necessary paperwork on hand is crucial when applying for a house loan. Your application will most likely be approved when the documents needed for the home loan are verified.