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Getting these Documents Ready During Availing Home Loans

According to reports, India’s real estate sector is likely to reach USD 1 trillion by 2030, and in tandem with this sector, the demand for home loans has also skyrocketed. Moreover, the repo rate’s recent revisions have also encouraged more individuals to apply for home loans.

Recently, the introduction of the digital process has significantly simplified home loan application methods. However, you still need to submit the essential documents required for a home loan to complete it without hassle.

Documents required for a home loan

The home loan documentation list includes the following –

  • Property documents: Occupancy certificate, property agreement, allotment letter, sales deed, a property tax receipt
  • KYC documents: Aadhar, PAN, Voter ID card, Driving license, Passport
  • Address proof: Any KYC documents, or utility bills, 
  • Income proof: Form 16, income tax return documents for salaried individuals. For self-employed individuals proof of business (trade license, PAN, GST registration certificate, etc.), balance sheet, profit and loss statement
  • Bank account statement: Last 3 months for salaried individuals, and previous 6 months for self-employed individuals

You can submit these documents online by scanning, and uploading them. Otherwise, you can always hand them over to company representatives.

While availing these credits, submitting the documents required for home loan is not enough. One also needs to meet the required eligibility criteria to avail this financial product successfully.

Home loan eligibility criteria

The eligibility criteria for home loans vary per an individual’s nature of income. For instance –

Eligibility for salaried individuals

  • Age: 23-62 years
  • Credit score: 750 +
  • Work experience: Minimum 3 years and above
  • Monthly income: According to the city of residence, and varies with lenders

Eligibility for self-employed individuals

  • Age: 25-70
  • Work experience: Minimum 5 years continuity in the current business
  • Credit score: 750 above
  • Monthly income: Must meet the needed requirements of a financial institution

Moreover, you can use a home loan eligibility calculator to check whether you can avail the funds or not. It involves making use of different parameters like monthly income, prospective loan tenure, additional income, current EMIs to gauge one’s eligibility.

Once you fulfil these criteria, it will automatically display the loan amount you can avail. Following this process, you can apply for a home loan accordingly. Before that, you can go through the RBI guidelines for home loan, to know more about this financial product.

How to apply for a home loan?

You can opt for a home loan apply in two ways – online and offline. Here are the details –

To apply online, you can follow the below mentioned step-by-step guide

  1. Visit the official website of the financial institution.
  2. Access the home loan application form.
  3. Fill it up with relevant personal and professional details.
  4. Select the loan amount.
  5. Update property details.
  6. Pay the online processing fees.
  7. Upload the required documents.

Following a successful application, the lender will contact you for further processing and verification.

Otherwise, you can contact a home loan provider via phone or visit their nearby branch to complete this application process.

On the other hand, you can skip this process by opting for a lender that extends pre-approved offers. It helps shorten the application process and saves time. This offer is applicable to financial products like home loans, loan against property, etc. You can check your pre-approved offer by submitting your essential contact details.

It is essential to submit the documents required for a home loan to complete this process. Therefore, you can make a checklist of them and arrange them accordingly before applying for a land purchase loan.

Read Also: Things you should know before taking a top-up loan.

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