Applying for a Home Loan involves submitting various documents. Lenders require documents to prove your identity and the existence of the property you wish to buy. These documents help the lender assess your Home Loan repayment ability. The documents required may differ based on the lender, type of Home Loan, and your situation. Here is a complete list of documents for a Home Loan application:

• An updated PAN card is the most essential Home Loan document required for application. It is mandatory during every stage of verification.
• In addition to your PAN card, you must submit a government-issued photo ID. To prove your identity, submit your passport, driver’s license, Aadhar card, or voter ID.
• You can submit your Aadhaar Card, Latest Electricity Bill/Piped Gas Bill, Ration Card, and Property Tax/Water Bill as proof of residence.
• A passport-sized photograph of the applicant is required to submit Home Loan applications.
• Your income is crucial in deciding your ability to repay the Home Loan. Lenders want to verify your earning capacity using your latest salary slips from the last three months, Form 16, bank statements, and income tax returns.
• If you are a business owner, you can submit Income Tax Returns, Balance Sheets, Bank Statements, and GST Returns.
• You may need to submit your employment verification letter, job offer letter, or professional certificate to validate your employment stability.
• Business owners can submit trade licenses, GST registrations, PAN cards, partnership deeds, and a memorandum of association as Home Loan documents required.
• Property Agreement, Sale Deed, Title Deed, Allotment Letter, and detailed construction cost estimation.
• Property Tax receipt and Possession Certificate from the land and revenue department.
• No Objection Certificate from the housing society or property developer is required.
• If your apartment is constructed, you must provide the Occupancy Certificate while applying for a Home Loan.

What happens if you miss a document?

• The lender has complete authority to reject your application if documents required for a Home Loan are missing.
• If you do not have any of the documents mentioned above, ask your lender for an alternative. Do not get disheartened if you cannot apply for a Home Loan.
• If any of the original documents are missing or stolen, you should first file a police complaint and inform the lender about the missing documents.
• Once all your documents are verified, your Home Loan application will be approved.

Conclusion

The documents required for a Home Loan can seem overwhelming, but organising them beforehand can make the application process smoother. It is important to double-check the requirements with your lender, as they may vary slightly depending on the Home Loan type, lender, or your circumstances. Keeping all the necessary documents ready will speed up the approval process.