Documents Required For Home Loan

When applying for a home loan, an individual will need to provide proof of identity and address (Aadhaar, passport, driving license, voter ID, or NREGA card), as well as proof of income and property documents. 

Banks and NBFCs offer a variety of home loan schemes, but the eligibility criteria and documents are largely standard.

If you are looking for the minimum documentation required for a home loan, you have come to the right place.

Documents Required for Home Loan through Moneyview

The list of documents required for a housing loan can be extensive. This article will look at the documents required for a home loan from Moneyview for salaried and self-employed persons. 

Here is the list of documents required for a home loan -

Proof of income: Last 12 months’ bank statements, last 3 months' salary slips, latest Form-16, and IT returns

Proof of identity and permanent residence:  Passport, driving license, voter's ID, Aadhaar card, job card issued by NREGA. 

Property documents: Copy of the allotment letter/buyer agreement, receipts of payments made to the developer, title deed, non-encumbrance certificate, etc.

Here, the income documentation for salaried and self-employed applicants is mentioned separately. 

For salaried individuals, these are the required documents. Only one of these needs to be submitted as income proof -

If the applicant is self-employed, these are the required documents -

Property Documents Required for Home Loan 

Property documents required can vary depending on the purpose of the loan, so keep a copy of every document and receipt related to the property. If you are looking for a checklist of property documents for a home loan, look no further. Here is a list of all the property documents required for a home loan -

• Copy of the allotment letter or buyer agreement

• Receipts of payments made to the developer

• Title deeds of the plot

• Proof of no encumbrances

• Copy of the plans, approved by the local authorities

• Construction estimate by the architect

Why Should You Take a Home Loan?

Owning a house might be one of the most important milestones in your life. The procedure of getting a home loan usually requires a lot of documentation, but it’s the best option to buy a house, and in the end, it will all be worth it.

Home loans come with a lot of income tax benefits under Sections 24B, 80EE, and 80EEA. Even the government of India runs many schemes for subsidised home loans, making it easier for everyone to own homes. 

Common Mistakes to Avoid While Submitting Documents

Home loans are large sums of money and therefore require a lot of paperwork. Errors in the documentation can cause delays or even rejection of your application. Here are some tips to avoid common errors:

Check the loan eligibility criteria

Before applying for the home loan, make sure that you meet the eligibility criteria. Lenders check your employment status, income, credit score, and existing EMIs before approving the loan. To enhance your chances of home loan approval, you can add an earning family member as a co-applicant.

Unclear documents or photos

Avoid handing over blurry or unclear documents. Whether it’s a digital copy or a printed hard copy, make sure it’s clear and legible.

Incomplete property documents

One of the primary reasons for home loan delays is the failure to submit clear and complete property-related documents. Make sure clear copies of these documents are provided.

Find out which documents need to be attested

Some documents, like balance sheets and proof of business income, might need to be attested by a chartered accountant or notarised. Proper attestation of documents will prevent delays in home loan approval. 

Conclusion

Moneyview provides home loans for various purposes, including home construction, extension, renovation, and plot purchase. The process to get a home loan is simple and straightforward.

Before applying for a home loan, make sure that you have collected all the documents listed in this article and all the documents related to the property.