Getting your home loan application approved on affordable and flexible terms starts with finding the right lender. But, to raise sufficient funds easily, meeting the eligibility criteria set by your chosen lender is key. This, in turn, is proved when you furnish the right home loan documents. Secondly, having your documents ready before your lender asks for them ensures that you don’t waste any time, and get the home financing you need quickly. Avoid last-minute hassles by going over the home loan document checklist provided by your lender.
Here is the list of documents required for home loans by most lenders.
1. Documents that certify identity and age
This category requires you to submit all the documents that suffice as your identity and DOB proof. The lender verifies details like your name, date of birth, parent’s name, and birthplace using photo IDs such as your PAN card, Aadhaar card, Driver’s License, Voter ID card, or Passport. For extra verification, the lender may also ask you to furnish the 10th standard Admit Card or a photo passbook for your bank account. Lenders like Bajaj Finserv, for example, allow you to apply for a home loan if you are between 23 years to 65 years** for salaried individuals, 23 years to 75 years** for self-employed of age.
So, knowing your lender’s preferences and applying under your age cut-off is likely to get you fast approval on your home loan application.
2. Documents relating to your property
This is one of the most vital among all the documents required for a home loan. The paperwork you submit for this category helps the lender access the valuation of your property. Here, the lender usually checks the property’s age and location, available amenities, the scope for increase in value, and the builder’s credentials and credibility, if required. Legal documents pertaining to the house you want to buy and proof that establishes your developer is accredited by RERA along with the project you are applying for are highly important. Also, previous deeds and property clearance certificates are mandatory in case you are buying a second-hand property.
3. Documents that certify your financial ability to repay
Whenever you plan to take a home loan, you will have to provide evidence of your financial standing. Your bank account statements along with your ITRs and salary slips are used by the lender to check your income. This allows the lender to see if you have the money to repay the home loan on time. Self-employed professionals and non-professionals, as well as business owners, may also have to submit documents like P&L statements, proof of business continuity, and related documents.
Secondly, be aware that lenders check your credit score too to evaluate your credibility and responsibility towards debt in the past. If they believe you to be a responsible borrower, you may get a higher loan amount at competitive interest. So, check your credit score yourself and apply for a home loan if it is above 750.
4. Documents that prove your employment status
Regardless of whether you are self-employed or salaried, lenders always pay attention to the source of your income. Regularity of income allows them to establish you as a responsible borrower. Secondly, the credibility of your employer is also ascertained by the lender. Thus, you will need to submit required documents such as your appointment letter, increment letter, and ITR of your business (if you are self-employed).
5. Documents that prove your place of residence and work
Lenders have a set of rules in place based on the city you reside in and where you work. For example, the minimum salary required to get a home loan in Mumbai may differ from that for borrowers in Indore. To avail an affordable home loan, you must check the lender website to see the city-specific requirements. In order to prove your city of residence, you will have to furnish the utility bills such as electricity, telephone, water, and postpaid mobile bills issued at the same address from where you are applying for the home loan.
Equipped with this information relating to the documents you will need to apply for a home loan, you can now take a step forward to evaluate your eligibility by using the Home Loan Eligibility Calculator. Check whether you qualify for a home loan by entering the required details, and then apply for a home loan with confidence.
Bajaj Finserv brings you pre-approved offers for personal loans, home loans, business loans and a host of other financial products. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
Need instant financing? Think it. Do it with Bajaj Finserv.
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