Documents you need to submit for taking a home loan

With the festive season near many banks have started offering loans at reduced rates. For example, the State Bank of India (SBI), the largest lender in terms of assets, recently announced a festive offer at a home loan rate as low as 6.7%. The bank has also waived off the processing fees. However, buying a house is not an easy task. It comes with a lot of paperwork especially when you have to apply for a home loan. You have to collect and submit a stack of documents with the lender based on which approval is given by the bank. If any of the documents go missing the banker can even reject your application. As per SBI here is a list of documents you need to submit for the quick approval of your loan application.

Documents required for availing home loan

> Loan application: You can either submit online or offline a completed loan application form with 2-3 passport size photographs

> Proof of identity such as PAN, passport, driver’s license, voter ID card needs to be submitted with the form.

> Proof of residence also needs to be submitted such as telephone bill, electricity bill, water bill, piped gas bill or copy of passport/ driving license/ Aadhaar card.

> Employer identity card

Property Papers

> Permission for construction (where applicable)

> Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale

> Occupancy Certificate (in case of ready to move property)

> Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt

> Approved Plan copy and Registered Development Agreement of the builder, Conveyance Deed (For New Property)

> Payment receipts or bank A/C statement showing all the payments made to builder/seller

Account statement

> Last 6 months bank account statements

> If any previous loan from other lenders then loan account statement for last 1 year

> Income proof for salaried applicant/ co-applicant/ guarantor

> Salary slip of last 3 months

> Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years

Income proof for non-salaried applicant/ co-applicant/ guarantor

> Business address proof

> IT returns for last 3 years

> Balance Sheet & Profit & Loss A/c for last 3 years

> Business License Details

> TDS Certificate (Form 16A, if applicable)

> Certificate of qualification