Updated Home Loan Document Checklist: – For a bank, providing a home loan isn’t just about lending money; it’s a long-term risk assessment.
Through the documents, the bank checks:
– Your Income Stability
– Your Repayment Capacity
– The Legal and Technical Soundness of the property
– The Future Recovery Risk
👉 If even one document is found to be doubtful, the application may be put on hold or rejected. So, let’s take a look at the complete, updated document checklist for your home loan.
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Updated Home Loan Document Checklist for Salaried Profile: –
First, let’s look at what documents a salaried person should have ready if they are applying for a home loan in the current scenario: –
1. KYC Documents: – [ Pan & Aadhar Card of Applicant and Co-Applicant with Current Residence Adress Proof]
2. Salary Slips: – [Almost all places, processing a home loan for salaried individuals requires only the latest 3 Months’ salary slips.]
3. Latest 6 Month Salary Credit Bank Statement
4. Any Running live Obligation Repayment Banking / SOA
5. For Property Documents refer below: – [Flat Cost Sheet, RERA NO. OC, CC & Plan Copy, Draft Agreement]
6. Type Some of below Basic Details
-Current Residence Address
-Current Office Address
-Property Address
-Applicant & Co-Applicant Mother Name
-Two Reference Details (Name, Mob. No.& Full Address)
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Updated Home Loan Document Checklist for SENP/ SEP Profile: –
Let’s now look the documents for a self-employed person, whether it’s a SENP (Self Employed Non-Professional) or SEP (Self Employed Professional) in a business, should have ready if they are applying for a home loan in the current circumstances:
1. KYC Documents: – [ Pan & Aadhar Card of Applicant and Co-Applicant with Current Residence Adress Proof]
2. Latest 2 Yrs Full ITR: – [ With P&L & Balance sheet]
3. Business Proof: – [ Udyam Registration Certificate]
3. Latest 1yrs Business operating Bank Statement. if Possible, Share Current Account as well.
4. Qualification Proof Can be Documentation part in case of SEP (Self Employed Professional)
5. Any Running live Obligation Repayment Banking / SOA
6. Type Some of below Basic Details
-Current Residence Address
-Current Business Address
-Property Address
-Applicant & Co-Applicant Mother Name
-Two Reference Details (Name, Mob. No.& Full Address)
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Property Document Checklist for Home Loan: –
Now let’s look at the list of property documents that need to be submitted to the bank when applying for a home loan. Whether you’re buying a property from a Builder for the first time or from a Seller, you’ll need to arrange almost all of these property documents.
Property Document Checklist in Case of Builder Purchase: –
Let’s say you are buying a property from a builder for the first time. In that case, you will need these property documents for a home loan.
1. Flat Cost Sheet
2.. Payment Receipts with Banking Reflection
3. Demand Letter
4. Builder NOC
5. RERA NO. OC, CC & Plan Copy
Property Document Checklist in case of Resale Purchase: –
And if you are buying a Resale property from a seller, you will need these property documents for a home loan.
1. Previous All Chain Agreement with latest Register agreement.
2. In Case of Saller BT Case: – Latest FCL (Foreclosure Letter) & LOD (List of Document Required) – Let’s say you are buying a resale property, and the seller already has a home loan on that property with a bank; in that case, you will first need to provide these documents.
3. RERA NO. OC, CC & Plan Copy
4. NOC from Society or Builder
5. Share Certificate in case of Society formed
6. All Payment Receipt with Banking transaction Statement.
7. Saller KYC & Cheque Copy
6. Saller KYC & Cheque Copy
So, This is your complete document checklist for taking out a home loan. It includes all the necessary information regarding your KYC, Income, and Property Documents.
These are the main documents that banks or finance companies require when you apply for a home loan. Nothing much else is usually needed.
In my opinion, these documents are sufficient, unless there is any ongoing litigation related to the property.
Additionally, if you need any support related to your home loan, you can reach out to me. I have provided my WhatsApp number in the “Contact Us” section.
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