Home Loan Doc

By: EconomyWatch Content   Date: 11 December 2009

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When quantifying a home loan application, lending institutions tends to adhere to strict norms as proposed by country laws. After the economic recession in 2007-08, most of the countries have put in place strict procedures to prevent home loan defaults. As per home loan doc requirements, borrowers have to establish their identity and financial standing to purchase a home loan.

Home Loan Doc: Checklist

Home loan doc requirements vary among different lenders, states and countries; however, there are few similarities in laws governing home loan purchase across the globe.

Here is a list of home loan documents which are essential in most of the countries:

Identity:

  • Social security number

  • Passport

  • Voter identity card

  • Driver’s license

 

Income proof:

  • Salaried individuals have to submit pay slips for last months and employment contract or an attested letter from the employer.

  • Self-employed individuals have to surrender financial account statement as prepared by a certified chartered accountant.

  • Proof of income tax submission

 

Age proof:

  • Identity proof documents; such as passport and driver’s license, can be used to establish age if they contain date of birth

  • Birth certificate

  • Graduation / school certificate

 

Residence proof:

  • Rent agreement with the current landlord

  • Bank passbook

  • Utility bills such as electricity bill, telephone bill or cable bill

  • Allotment letter if the applicant if living in a residing in an apartment allotted by the company.

 

Investment details:

  • Summary of all bank accounts (savings, salary or current accounts).

  • Details of investment in deposits, funds or stocks

  • Details of existing or previous loans, if applicable

 

In case of co-applicants, lending institution will require individual proofs for both the applicants.

Home Loan Doc: Property Sale Documents

 

The borrower has to submit following home loan documents once the property sale is realized:

 

  • Original sale agreement with the seller or possession letter in case of purchasing home from development authority

  • Title allotment documents

  • Certified copy the approved architectural design

  • No objection certificate from the concerned state land development authority

 

For a detailed list of home loan docs required, an individual should confirm from local lending institutions, financial counselors or mortgage brokers.

 

 

 

 


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