A home loan is an amount that an individual borrows from a financial institution like a bank, housing finance company, or any other lending company in order to buy a new home, resale it, construct a home, or renovate or extend the existing one. One can raise the loan for any of the above-listed reasons.

Further, the money that is being borrowed is given at a specific interest rate, and the borrower is obligated to repay the amount within a particular duration/tenure. However, for ease of payment, borrowers can pay the amount in smaller installments, which is popularly known as EMI (Equated Monthly Installments)

Though several documents are required for a home loan, which we will describe later in this extract of the article, however, the borrower must carry documents that establish their KYC, the antecedents of the property they wish to purchase, and income background that mainly depends upon the category of the borrower that whether the borrower is salaried professional businessman or NRI.

List of documents that are required for a home loan

1. An application form for a loan.
2. There should be three passport-sized photos.
3. The document that verifies your Identity is like an Aadhar Card.
4. Identity Proof
5. Lenders ask for documents for residence proof. It may include your home electricity bill, ration card, telephone bill, employment letter, passbook or bank statement with your address.
6. A bank account statement or passbook update pages of the last six months are required.
7. The bankers then verify the signature.
8. Lenders will see the assets possessed by the borrowers and the liabilities associated with them.
9. Property detailed documents
10. Employers need to submit a salary certificate.
11. Salaried people should carry IT returns/form 16 for the past two financial years.
12. For non-salaried individuals, proof of business address is required.

For completing the KYC process, there are certain documents required.

For Photo Id Proof (Carry any of the below mentioned)

1: Passport
2: Pan Card
3: Driving License
4: Voter Card

Documents for residence proof (Carry any of the below-mentioned)

1: Electricity Bill
2: Ration Card
3: Telephone Bill
4: Employment Letter
5: Passbook or Bank statement with address

Proof of Age (Carry any of the below-mentioned)

1: Pan Card
2: Passport
3: Birth Certificate
4: Driving License
5: Bank Passbook
5: Marksheet from 10th class

Conculsion: We have given sufficient information for someone to avail of the home loan. However, the documents listed above may vary from bank to bank, or different financial institutions may ask you for further documents per their rules. Further, if you have any queries regarding home loans, connect with us, and we will resolve your query.