There is no doubt in the fact that home loans have made purchasing your dream home easier than before. The process of availing a home loan has also become simplified over time, and just with a few clicks, your loan amount is disbursed to the bank account. However, it is only possible when you complete the process efficiently, which involves submission of the required documents.

Your lender gets most of your details and information from the documents you submit. This makes it imperative for you to submit all the documents accurately and on time. Though the property documents required for home loan are mostly the same for all lenders, there might be some specific requests at times. Which is why it is important to approach your bank branch or check the bank website to get the complete list of documents required for home loan.

Usually, lenders ask for the following documents for a home loan:

Application form

The first and foremost document to be submitted for a home loan is the application form. You can download the form from the lenders’ website or collect it offline from their branches. You will need to fill the application form with your full name, age, address, etc. If you are availing a joint loan, you will need to provide co-applicant’s details as well.

Identity proof

The lender asks for your identity proof to record your full name, age, and photograph validated by the concerned government authority. You can submit any one of the following as an identity proof:

• Aadhaar card
• PAN card
• Driving license
• Voter ID card
• Valid passport

Address proof

Your address proof should be a document that mentions the place where you reside. It contains either your current address or permanent address, which is again validated by the concerned authority. It can be any one of the following:

• Aadhaar card
• Passport
• Driving license
• Utility bills like electricity bill, or telephone bill
• Bank statement that contains your address.

Income Proof

Income is an important determinant for the lending institution to approve your loan application. Which is why lenders ask for documents that can show your current income. With the home loan application form, you should submit appropriate income proof to speed up the process. Often lenders ask for different income proofs for self-employed and salaried individuals.

For salaried employees, you will need the following documents:

• Last three months’ salary slips
• Last six months bank statement
• Last year’s Form 16 and income tax returns
• All the details of the loans previously availed.

If you are a self-employed individual you will need to submit –

• Certificate of your business establishment
• Trade license certificate
• Business Pan card
• Partnership deed if any
• Income tax returns of the last 3 years
• CA Certified balance sheet
• CA certified profit and loss account
• Last six months bank statements

The lender might also ask you for your educational certificates.

Property related documents

If you have identified the property to be bought, you will need to submit copies of the property related documents like the registered sale deed, past sale deeds chain, or approved building plan among others. It could also include a copy of the estimate of the cost of construction of the house, occupancy certificate and property tax receipts. If your new house is in some registered society, you might be asked to submit a No Objection Certificate from them as well.

Providing accurate documents to the lender can speed up your approval process and help you buy your dream home in no time. However, ensure that all the documents are up to date and as per the lender’s requirements.