Sunday, November 7, 2010

Documents Required for home loan

Obtaining a home loan is comparatively easier now a days. However, there are eligibility criteria that have to be met. You can not get any amount of home loan irrespective of your income. The amount of loan given by financial institutions depend on lots of factors, including your income, age, qualifications, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc.
To get any home loan you need to show some relevent documents to support the deal. Self employed and salaried people require different documents to support the deal.
The borrower must submit the following documents along with loan application though it can vary slighly depending on the bank:
• Proof of age
• Proof of identity and residence - passport, PAN card, ration card, voter ID card, etc
• Salary slip of last three months along with salary certificate.
• Proof of continuity in the job for last two years or Form 16.
• Bank statement for last six months.
• Company profile for employees of a private limited company.
• Proof of business address in respect of businessmen/industrialists
• Latest property tax paid receipt.
• Sanctioned plan.
• Receipts towards payments already made.
• Sale agreement and title documents in favour of the seller (old flat or house).
• Sale agreement or construction agreement with builder (new flat).
• Total cost break-up on builder's letterhead (new flat).

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