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What are the Documents Required for Home Loan

What are the Documents Required for Home Loan

Are you thinking about moving into a bigger house but are worried about the money you’d need? Or have you been planning to renovate your house but are facing financial constraints?  

Banks and other financial institutions, these days, offer a range of home loans to prospective home buyers. 

The criteria for home loan eligibility is quite easy to fulfil for salaried employees as well as self-employed individuals. 

Here they are:

  • Your age must be between 24 to 65 (at the time of completion of your home loan)
  • You should be a salaried individual or self-employed
  • Your CIBIL score should be at least 750 or above 

Once you have checked your eligibility, the next step would be to know of the documents needed for home loan. 

Documents required for home loan in India

You need to have the following housing loan documents ready for your application:

A. Age Proof:

  1. Life Insurance Policy
  2. PAN Card
  3. Passport
  4. Birth Certificate
  5. Driving License
  6. School Leaving Certificate

B. Photo Identity Proof

  1. Aadhaar Card
  2. Voter ID
  3. PAN Card
  4. Driving License
  5. Passport

C. Address Proof

  1. Bank Statements
  2. Property Tax Receipt
  3. Voter ID
  4. Utility Bills
  5. Property Registration Documents

D. Employment Details

  1. Appointment letter
  2. A true certified copy of Form 16
  3. Salary slips of the last three months
  4. Annual increment letter

E. Income Proof

  • Copy of bank statements of your salary account of the last six months

F. Loan Details

  1. Details of any current loan along with bank statements

G. Processing Fee Cheque

  • To be issued from the salary account for a salaried customer or the business account in case of self

Despite having all the documents required for a loan in order, your loan application could still get rejected. Here are a few ways to better your chances:

A. Choose a longer loan tenure

Home loans with a longer tenure can improve your loan eligibility because the EMI that you will have to pay will be low. It makes you more likely to make your payments on time and allows you more time for repayment.

B. Improving your CIBIL score

Lenders consider your CIBIL score as a critical determinant to approve or reject your loan application. A credit score of above 750 makes you a sound candidate for home loans. It also allows you to negotiate low home loan interest rates.

C. Having an additional source of income

Your eligibility can also improve with an additional source of income. This can include part-time business, rental income, rent from equipment or machinery, etc.

D. Adding a co-applicant

You could add an earning family member with a strong credit score as a co-applicant. This also increases the amount you are eligible to borrow as a home loan since your EMI affordability rises.

Home loan document submission process in India

The home loan document submission process explains which documents are required for home loan approval and how borrowers must submit them at each stage. Most lenders follow a structured approach to verify home loan documents before sanctioning the loan.

  • Step 1: Document checklist shared by lender

The lender or financial institution provides a detailed home loan documents checklist outlining the documents required for housing loan approval.

  • Step 2: Collection of applicant documents

Borrowers gather personal, income, and employment-related documents needed for home loan, as mentioned in the official home loan documents list.

  • Step 3: Submission of property papers

Property-related papers required for home loan, such as title deeds and sale agreements, are submitted along with other housing loan documents.

  • Step 4: Verification of documents

Lenders verify all home loan documents to assess eligibility, income stability, and property legality.

  • Step 5: Additional document requests (if any)

If discrepancies are found, lenders may ask for extra documents required for housing loan processing.

  • Step 6: Completion of documentation stage

Once all documents needed for home loan are approved, the application moves to loan sanction and disbursal.

This structured process ensures that all home loan documents, including financial and property-related papers required for home loan, are reviewed thoroughly before approval.

Common mistakes to avoid when submitting home loan documents

Even when borrowers know which documents are required for home loan approval, small oversights during submission can slow down the process or lead to avoidable delays. Being aware of these common mistakes helps ensure your home loan documents are complete, accurate, and aligned with the lender’s home loan documents list:

  • Not checking the lender’s checklist: Skipping the official home loan documents checklist often leads to confusion about which documents are required for home loan approval.
  • Submitting incomplete paperwork: Missing items from the home loan documents list can delay verification of documents required for housing loan processing.
  • Providing outdated or incorrect details: Errors in income or address proofs within home loan documents may result in rejections.
  • Ignoring property-related papers: Incomplete papers required for home loan, such as title deeds or approvals, can stall the loan process.
  • Mismatch between financial records: Discrepancies across housing loan documents like bank statements and income proof raise red flags.
  • Late submission of additional documents: Delays in sharing extra documents needed for home loan approval can push back sanction timelines.

How to verify your home loan documents online

Verifying your paperwork online helps ensure you have submitted which documents required for home loan approval and that all home loan documents are in order before sanction.

  • Check the lender’s portal or app to review the official home loan documents checklist and confirm your home loan documents list.
  • Upload and track documents digitally, including income proofs and documents required for housing loan eligibility.
  • Verify property records online to ensure papers required for home loan, such as title deeds and approvals, are valid.
  • Match personal and financial details across all housing loan documents to avoid discrepancies.
  • Monitor status updates for acceptance, rejection, or requests for additional documents needed for home loan processing.

Online verification ensures your home loan documents remain accurate, complete, and aligned with lender requirements, reducing delays in approval.

Conclusion

Being prepared with the right home loan documents and following a proper home loan documents checklist can make the approval process much smoother. Ensuring all essential documents required for housing loan and papers required for home loan are accurate and complete helps avoid delays and brings you one step closer to owning your dream home.
Lay your financial worries to rest and consider applying for a home loan when you are planning to purchase a house or make renovations to your existing one. Tata Capital could be your perfect companion on your journey to owning your dream home.

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FAQs

How many documents are typically required for a home loan in India?

Most lenders require a standard set of home loan documents, including identity, address, income, and property proofs. A typical home loan documents checklist helps track all documents needed for home loan approval.

Can I apply for a home loan as a self-employed individual?

 

Yes, self-employed applicants can apply by submitting business proof, ITRs, and bank statements as part of the documents required for housing loan. Lenders verify these papers required for home loan along with other standard home loan documents list.

What is the processing fee for a home loan at Tata Capital?

 

Tata Capital charges a nominal processing fee while reviewing your home loan documents. The fee covers verification of identity, income, and property housing loan documents.

How long does it take to get home loan documents verified?

 

Verification of home loan documents typically depends on completeness of the home loan documents checklist and lender scrutiny of documents needed for home loan.

Are salary slips mandatory for home loan approval?

 

Yes, for salaried applicants, salary slips are part of the essential home loan documents list and documents required for housing loan to confirm income and repayment capacity.

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