Saving allows you to own the property you desire, but you will take too long to actualize your dream. Remember, building or buying a ready-to-move-in house is expensive, which can take you much time to save.
Why wait too long when you can easily apply for a home loan with a lender? All you need to do is get a home loan eligibility calculator and determine how much you qualify for based on your income and repayment period, fill out the loan application form and attach the documents required.
Below are the required documents for a home loan.
List of Documents Required for Home Loan Processing
1. Loan application form
You should submit a dully-filled home loan application form for consideration. The form has your name, loan amount you are applying for, income, and other information about yourself.
Ensure you provide the correct information required in the form. Giving incorrect data or leaving out some information can delay the processing of your loan. Your application may also be rejected if you fill in the wrong information.
2. Age Proof Document
How old are you? When applying for a home loan, age is one of the eligibility requirements you should meet to qualify.
Your loan application won’t be approved if you’re younger than 21 years old. You also should not be older than 70 years when your PNB home loan matures.
Below is a list of documents you can give as proof of your age:
- Driving license
- Birth certificate
- Passport
- PAN card
- Life insurance policy
3. Identity Proof Documents
Proof of your identity is among the home loan required documents you should provide for loan processing.
The financial institution lending you money has to prove you are the real person based on the documents you offer. A lot of fraud happens in the financial markets, and no lender wants to take risks by extending a loan without knowing the real borrower.
Here is a list of documents to help prove your identity:
- Passport
- Driving license
- Pan card
- Voter identity
- Aadhaar card
4. Address Proof Documents
Where do you live? Your address is very important when applying for a home loan. Your lender would want to know where to find you when needed.
Some of the home loan required documents as proof of your residence/address include:
- Utility bills like water payments and electricity
- Voters identity
- Property tax receipts
- Bank statements
- Property registration documents
5. Employment Details
Before your loan is approved, you are required to prove your work experience. Your lender needs proof showing three years of work experience.
Employment proof helps to show that you can repay your home loan. Here are some documents you can use as proof of employment:
- Annual increment letter
- Three months salary slips
- Certified copy of form 16
- Appointment letter
6. Property Documents
Do you want to build a new or renovate your house? You could also be seeking to purchase a ready-built house. If that’s the case, you are supposed to provide property documents for loan processing.
These include:
- Approved plans
- Title deed documents
- Cost estimate documents for renovation or construction works
- Sale agreement copy
- Allotment letter
- Proof of no encumbrances on your property
- Payment receipt made by initial house seller.
7. Income Proof for Self-employed Applicant
Income is another qualifying factor that determines your loan eligibility. Self-employed home loan applicants should show proof that they earn INR 15,000 to qualify for a home loan.
Below is a list of home loan required documents from self-employed applicants:
- Proof of business address
- Business registration certificate
- Professional practice license
- Business License
- Profit and loss account statements
- Three years of income tax returns
Conclusion
Boost your chances of home loan application approval by providing the necessary documentation. Lenders want to know more about you when borrowing. You should provide identity documents, address proof, and documents that show your potential to repay your home loan.
Ensure the information you fill in the loan application and the document you produce are correct to avoid loan processing delays. Finally, opt for a reputed lender like PNB Housing for a smooth and safe home loan experience!
