2 min
17 December 2024
Owning a home is a dream for many. But before that dream becomes a reality, you need to secure a home loan. One big part of this process is submitting the right property documents. Lenders need these to verify the property's legal status and your ownership rights.
So, what are the property documents required for a home loan? Let us break it down in simple terms so you can be fully prepared.
1. Sale agreement: The sale agreement is one of the most critical documents. It outlines the terms and conditions between the buyer and seller. This document confirms the agreed price, property details, and other terms. Lenders use it to verify the transaction details. They need to know you are paying the correct market value for the property.
2. Title deed: The title deed proves who owns the property. It acts as evidence of the seller’s ownership. Banks and financial institutions review this to ensure there are no disputes or legal issues with the property.
3. Approved building plan: A government-approved building plan confirms that the property complies with local laws and regulations. This ensures the property is legal, with no unauthorised constructions. Lenders will not finance properties that violate the rules.
4. Encumbrance Certificate (EC): The Encumbrance Certificate shows that the property is free from any legal dues or claims. Lenders need proof that no one else has financial or legal rights over the property.
5. Property tax receipts: These receipts confirm that the seller has paid all dues to the local government. Unpaid taxes can become the buyer’s responsibility. Lenders want assurance there are no pending liabilities on the property.
6. NOC from society or builder: If the property is part of a housing society or built by a developer, you will need a No Objection Certificate (NOC). The NOC ensures that the seller has cleared all dues with the society or builder. This also confirms the property is fit for resale.
7. Occupancy Certificate (OC): The Occupancy Certificate is issued by local authorities. It proves the property is ready for use. Without an OC, the lender might question whether the property is legal and safe to occupy.
8. Possession certificate: This document is issued by the developer after completing the property’s construction. It confirms that ownership has been handed over to the buyer. Lenders want proof that the property has been legally transferred to you.
9. Loan account statement (for resale properties): If the seller has taken a loan on the property you are buying, you need their loan account statement. The lender needs assurance that the seller’s previous loan is fully repaid. This prevents double financing on the same property.
10. Aadhaar and PAN Card: While these are personal documents, they are mandatory. Your Aadhaar card and PAN card are linked to property verification and loan processing.
Please note: This list is not comprehensive, as your lender might request additional documents during the loan approval process. However, having the above-mentioned documents ready can streamline your home loan application and increase the chances of approval.
With low interest rates, easy eligibility criteria, and quick approval, securing funds for your home purchase has never been simpler. Our personalised solutions ensure that you get the support you need without the hassle, making the process smooth from start to finish.
Here is why Bajaj Housing Finance stands out:
1. High loan amount: Secure funding up to Rs. 15 crore* to turn your dream home into reality.
2. Low interest rates: Enjoy interest rates starting 8.25%* p.a, and EMIs as low as Rs. 741/lakh*.
3. Quick approval: Get approved within 48 Hours* of applying – sometimes even sooner.
4. Flexible repayment tenure: Choose a repayment term of up to 32 years for comfortable EMIs.
5. Simple application: Take advantage of doorstep document collection for a smooth process.
6. Balance transfer facility: Move your existing home loan and get a top-up loan with better terms.
So, why wait? Take the first step towards owning your perfect home today with Bajaj Housing Finance Home Loan.
So, what are the property documents required for a home loan? Let us break it down in simple terms so you can be fully prepared.
List of property documents required for home loans
Here is a list of property documents you can keep ready with you before you apply for a home loan:1. Sale agreement: The sale agreement is one of the most critical documents. It outlines the terms and conditions between the buyer and seller. This document confirms the agreed price, property details, and other terms. Lenders use it to verify the transaction details. They need to know you are paying the correct market value for the property.
2. Title deed: The title deed proves who owns the property. It acts as evidence of the seller’s ownership. Banks and financial institutions review this to ensure there are no disputes or legal issues with the property.
3. Approved building plan: A government-approved building plan confirms that the property complies with local laws and regulations. This ensures the property is legal, with no unauthorised constructions. Lenders will not finance properties that violate the rules.
4. Encumbrance Certificate (EC): The Encumbrance Certificate shows that the property is free from any legal dues or claims. Lenders need proof that no one else has financial or legal rights over the property.
5. Property tax receipts: These receipts confirm that the seller has paid all dues to the local government. Unpaid taxes can become the buyer’s responsibility. Lenders want assurance there are no pending liabilities on the property.
6. NOC from society or builder: If the property is part of a housing society or built by a developer, you will need a No Objection Certificate (NOC). The NOC ensures that the seller has cleared all dues with the society or builder. This also confirms the property is fit for resale.
7. Occupancy Certificate (OC): The Occupancy Certificate is issued by local authorities. It proves the property is ready for use. Without an OC, the lender might question whether the property is legal and safe to occupy.
8. Possession certificate: This document is issued by the developer after completing the property’s construction. It confirms that ownership has been handed over to the buyer. Lenders want proof that the property has been legally transferred to you.
9. Loan account statement (for resale properties): If the seller has taken a loan on the property you are buying, you need their loan account statement. The lender needs assurance that the seller’s previous loan is fully repaid. This prevents double financing on the same property.
10. Aadhaar and PAN Card: While these are personal documents, they are mandatory. Your Aadhaar card and PAN card are linked to property verification and loan processing.
Please note: This list is not comprehensive, as your lender might request additional documents during the loan approval process. However, having the above-mentioned documents ready can streamline your home loan application and increase the chances of approval.
Explore Bajaj Housing Finance Home Loan
Are you dreaming of owning a home but struggling to find the right financial support? Bajaj Housing Finance Home Loan is here to turn that dream into reality! Whether you are a first-time buyer or looking to upgrade, we offer flexible loan options designed to meet your specific needs.With low interest rates, easy eligibility criteria, and quick approval, securing funds for your home purchase has never been simpler. Our personalised solutions ensure that you get the support you need without the hassle, making the process smooth from start to finish.
Here is why Bajaj Housing Finance stands out:
1. High loan amount: Secure funding up to Rs. 15 crore* to turn your dream home into reality.
2. Low interest rates: Enjoy interest rates starting 8.25%* p.a, and EMIs as low as Rs. 741/lakh*.
3. Quick approval: Get approved within 48 Hours* of applying – sometimes even sooner.
4. Flexible repayment tenure: Choose a repayment term of up to 32 years for comfortable EMIs.
5. Simple application: Take advantage of doorstep document collection for a smooth process.
6. Balance transfer facility: Move your existing home loan and get a top-up loan with better terms.
So, why wait? Take the first step towards owning your perfect home today with Bajaj Housing Finance Home Loan.
