Need a Home Loan

By: EconomyWatch Content   Date: 10 December 2009

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If you need a home loan to purchase a home, it is crucial to have important information in hand before you apply for one. This information could be about the documents that are to be submitted to the lender and to identify options in case some documents are missing. To make an informed purchase, you can prepare a checklist with all the required documents that are required by banks before they approve home loan requests.

Need a Home Loan: Basic Checklist

Here is the checklist that you can use if you need a home loan:

Confirmation of Income

  • Provide a copy of your employment contract, two recent consecutive pay slips or a letter from your employer, if you are a salaried individual.
  • In case of self employment, you need to submit copies of the last two Financial Accounts
  • Appointment Letter
  • Salary Certificate
  • Retainer ship Agreement, if appointed as a consultant
  • FORM 16 issued by the employer in your name.
  • Income tax returns pertaining to the last three years

Employment Proof

  • Identity card issued by your employer
  • Visiting card

Age Proof

  • Passport
  • Voter's ID card
  • PAN card
  • Ration card
  • Employer's Identity card
  • School leaving certificate
  • Birth certificate

Residence Proof

  • Ration card
  • Passport
  • PAN card
  • Rent agreement, if you are staying currently on rent
  • Bank Pass book

Property Title Proof

  • Original Sale agreement and Registration receipt
  • Tripartite agreement from builder/developer
  • Land ownership documents
  • A certificate each from the legal advisor and charted accountant of the builder
  • Certified true copy of approved plan
  • Copies of receipts of payments made to builder/developer
  • Allotment letter
  • Possession letter
  • Mortgage deed if the Bank opts for a registered mortgage
  • Post dated cheques for the EMIs

Confirmation of Rental Income

Obtain a copy of the existing tenancy agreement from a local real estate agent that is duly signed by a rental manager.

Deposit or Investments

  • A term deposit receipt or bank statement of your deposit or investment funds.
  • A copy of savings bank transactions that occurred during last six month for low equity loans.

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