What are the Documents Required for Home Loan?

//What are the Documents Required for Home Loan?

What are the Documents Required for Home Loan?

Having your very own home is no more a dream, it is conceivable at the fingertip of every us. Get a home loan to construct your dream home. Here is the rundown of few banks document necessities and different details said for applying for a home loan.

Agenda of Documents Required for Home Loan

  • Identity Proof– Passport/Driving License/Voter ID/PAN
  • Address Proof– License/Registered Rent Agreement/Electricity Bill (up to 3 months old), Passport
  • Employment Appointment Letter: Required if the current employment is under 1-year-old
  • Financial Documents:

o 3-month salary slip

o 6-month bank statement

o 2 year Form 16

Rundown of Common Documents

  • Complete loan application frame with one passport estimate photograph.
  • Photo Identity Proof: Passport/Driving License/Voter ID/PAN
  • Residence Address Proof: License/Registered Rent Agreement/Utility Bill
  • Residence Ownership Proof: Sale deed or rental agreement
  • Income Proof: salary slip, bank statement and Form 16
  • Job Continuity Proof: Appointment letter at employment and validation letter from HR
  • Bank Statement: Past 6 months’ document
  • Property Documents: Sale deed, Katha, transfer of ownership
  • Advance Processing Check: A drop check for validation of bank account
  • Investment Proof: LIC, common assets, property document and so forth.
  • Financial Documents:
  • For Salaried Individual: 3-month salary slip, Form 16 and bank statement
  • For Self-Employed Individual: IT returns for most recent 2 years alongside computation of income tax for recent years certified by a Chartered accountant
  • For Self-Employed Non-Professionals: IT returns for most recent 3 years alongside computation of income tax for recent years certified by a Chartered accountant

Documents Required for Salaried Individual

  • Loan Form: Bank loan application shape to be loaded with passport measure photographs affixed
  • Residential Address– Leave and License/Registered Rent Agreement/Utility Bill (up to 3 months old), Passport
  • Identity Proof: Passport/Driving License/Voter ID/PAN
  • 3 month pay slip
  • Income Proof Documents
  • 2 years Form 16
  • Copy of Income Tax PAN
  • Bank Statement: 6 months bank statement that shows salary from the employer and any EMI paid for an extraordinary charge.

Documents Required for Self Employed– Professionals

  • Photo Identity Proof: Passport/Driving License/Voter ID/PAN
  • Residence Address Proof: License/Registered Rent Agreement/Utility Bill
  • Office Address Proof: Property Documents, Utility Bill
  • Office Ownership Proof: Property Documents, Utility Bill, Maintenance Bill
  • Business Existence Proof: 3 years of age Saral Copy, the Company Registration license, Shop Establishment Act
  • Income Proof: Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Audit Report, Balance Sheet, and so forth.,
  • Bank Statement: Past 1-year bank statement
  • 1 passport measure shading photograph

Why is income proof essential for a mortgage loan?

When you are searching for a Home Loan you should search for single amount money. Mortgage or property loan is the easiest type of loan that can be an assistance here. In a mortgage loan, you have to mortgage one of your assets say land to the moneylender. You get a single amount measure of money against the asset you are mortgaging. Presently the question is the reason would it be advisable for one to require an income proof to avail such loan?

Mortgage Loans are anything but difficult to avail however it is difficult to access if there should be an occurrence of dispute. As per the guidelines of mortgage loan if the borrower neglects to repay the loan sum then the bank can without much of a stretch stop the asset that is being mortgaged. The loan specialist put the asset at a bargain and understand the money. In any case, if there should be an occurrence of an asset, in the event that we consider it as land, it is difficult to auction it so rapidly and understand the money. Consequently, the loan specialist keeps an eye on borrowers’ income proof so they can make certain of the EMIs. There is additionally a possibility of lowering down the property estimation in future, so it gets hazardous for the moneylender in the mortgage loan.

What is a Patta?

In the event that you possess a real estate parcel then Government issues a legal document as a proof of ownership of the land. This bit of document is called Patta. Patta generally issues for the sake of the proprietor of the land. Be that as it may, government issues Patta just for those properties which are in constant utilize. As if your property is unproductive then you can’t get the Patta for it. You will just get the document issued if there is any house or building based on it.

In the event that there are multiple owners for a solitary plot then a solitary Patta is being issued for every one of the owners. However, all things considered, the there must be a division of the property. On the off chance that there is a unified land Patta will not get issued.

Is it obligatory for each property proprietor to have a Patta?

Patta is a legal document and certainly, it has tremendous significance with regards to property dealing. It is a critical ownership record that is required to set up the right of ownership for the proprietor of the particular land under the law. Additionally holding a Patta will make things considerably easier, particularly the government’s pay from the plot and such will become substantially easier for the proprietor.

Patta, on alternate, works like a Will Draft. The individuals who don’t have any Will Paper before his/her passing then the land ownership will be naturally transferred to the following relative if the perished individual held a Patta for the land. There will be a small name transfer and renewal process that one must experience to transfer the name (s) of the Patta holder.

Where would we be able to acquire Patta?

Patta is issued by the administrative expert or Tehsildar of the district. There is a small process of obtaining the Patta. The proprietor(s) needs to present an application or demand alongside important documents and details of the proprietor. There may be an interview of the proprietor or verification and inspection of the land and the proprietor. There is a particular configuration of the required details that the proprietor needs to take after amid the process of obtaining Patta. The specialist will enquire and do the review of the land also. The Patta does not require yearly or month to month renewal. The renewal happens just at the season of name transfer.

Documents Required for Senior Citizens/Pensioners:

  • Photo Identity Proof: Passport/Driving License/Voter ID/PAN
  • Residence Address Proof: License/Registered Rent Agreement/Utility Bill
  • 1 passport size shading photograph
  • Age Proof: Pan Card or Passport
  • Income Proof: Pension Returns or Bank Statement

Home Loan Application Form is the principal essential stride to begin the processing of the home loan, post validation of all details in the application frame the bank with a process the loan and will tell you the following strides to make your dream come true.

By | 2017-04-27T13:33:48+00:00 April 27th, 2017|home loan|Comments Off on What are the Documents Required for Home Loan?

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