While applying for a home loan, it is very important to focus on the documentation procedure. This can be quite a tiring process, especially since financial institutions need to be particular about the verification of an applicant’s home loan documents. Now, there are applicants who have struggled with the documentation process, mainly because they were not aware of the specific documentation requirements of the lender. This can lead to a problem too, as lenders can reject a home loan application if they find any discrepancies with the documents that have been submitted.

Now, this problem is something that can easily be avoided by being aware of what the lender requires when it comes to the documentation process of a housing loan. Therefore, here are documents that need to be kept ready when you apply for home loan:

Documents needed for residency proof 

1. Property tax receipt 
2. Bank passbook 
3. Post-paid phone bill 
4. Utility bills like telephone bills, electricity bills, water bills, gas bills, etc. 
5. Any identity document like passport, PAN card, Aadhaar card, etc. that states permanent address 

Documents needed for identity proof

1. PAN card 
2. Passport 
3. Aadhaar card
4. Driving license
5. Voter ID

Property documents required for home loan

1. Occupancy certificate (if the property has completed construction)
2. NOC from the builder 
3. Bank account statement for proof of payment to the builder 
4. Estimate of the construction cost 
5. Allotment letter/sales deed/stamped sale agreement 
6. Possession certificate that has been issued by the land revenue department 
7. Land tax receipt (original)

Documents needed from self-employed professionals

1. ROC registration certificate
2. Trade license 
3. Import Export Code 
4. Partnership deed
5. SEBI registration certificate 
6. Balance sheet
7. Account statement that shows profit and loss statistics 
8. Memorandum of Association 
9. GST registration certification 
10. Bank statements (past 6 months)

Documents needed from salaried employees

1. Original bank statements of the previous 6 months
2. Form 16 for income proof
3. Salary slips of the previous 3 months for income proof 
4. Existing loan documents (if applicable) along with the track record

Now that you are aware of the documents that are needed for a home loan, it is still advisable to check with the lender before applying for the loan. This is because financial institutions can have different requirements when it comes to documents required for home loan, which is why it is best to check with them for any specific requirements. 

It is also possible for a lender to sanction a home loan without documentation too, provided the applicant has a pre-existing relationship with them. The applicant can then submit the documents later when the lender needs them for verification purposes. This again differs from lender to lender. In addition, it is important to check with the lender regarding their home loan eligibility criteria, which will give you an idea about the loan amount that can get approved.