Needed Documents for Availing Home Loan

When you have a Home Loan to apply for buying your dream home, you can’t leave any scope for it to be rejected by your lender right? Other than your income, CIBIL Score, repayment history, and more factors, one more thing matters much to lenders and it’s your House Loan documents.

If your documents required for Home Loans are not in the order as per the requirements of your lenders, then there is a chance that they won’t approve the loan request. Thus, it becomes a must to furnish all valid and relevant Housing Loan documents to get through the processing of the housing loan without issues.

Here are some vital documents required for Home Loan that you need to submit.

Home Loan Documents Needed for the Loan Approval

The approval of your Housing Loan depends on the submission of these documents by your potential creditors.

✓      Complete or the duly filled loan application form

✓      Recent colour photographs

✓      Identity proofs such as Aadhaar Card, PAN Card and Driving License

✓      Address proofs such as Aadhaar Card, Voter ID Card, Driving License and Passport

✓      Proof of signature

✓      Date of birth proof (10th Class marks sheet/certificate)

✓      Income details such as Salary Slips provided by your employers

✓      Last 6 months’ bank account statement 

✓      Business continuity proofs of minimum 5 years if you are a businessman or self-employed individual and seeking a House Loan

These are some of the basic or standard documents required for Housing Loans. However, you need to know that lenders may want more documents to check and confirm your Home Loan eligibility during the processing of the loan later. As a result, you may need to furnish the Income Tax Returns (ITRs) details and more to your lenders.

Check your Home Loan Eligibility Criteria

Other than providing the relevant Housing Loan documents, you will also need to prove your eligibility to help your loan request to progress without issues. Here are the standard Home Loan eligibility conditions that you need to fulfil which may vary from lenders to lenders:

●        The prospective Home Loan borrower should be a citizen of India

●        Your age should be 23-58 years for salaried individuals and between 28-70 years for self-employed personnel

●        The salaried borrowers need to have at least 3 years of work experience or more to be eligible

●        The maximum amount that you can borrow is Rs.3.5 crore

Home Loan Calculators are Here to Help You

You can also check your housing loan eligibility through the Housing Loan eligibility calculator by entering your basics details and more. The online tool is available at a leading online lender’s website for free. You can also know how much EMI you can afford by calculating the EMI in advance by using the Home Loan EMI calculator tool available with a lender online at no cost.

The Bottom Line

It’s time to be Home Loan ready as you are now aware of the documents required for Home Loans and much more. All the best for your future Housing Loan application!