When you are applying for a home loan, the lender requires you to submit certain documents along with your application. Without submitting these documents, your loan application will not be processed. Also, once you submit thm, lenders verify each and every document before approving your application.
Therefore, it’s very important that you understand what documents are required to apply for a home loan to ensure a smooth processing and approval.
Generally, the list of documents required to process your home loan application is almost the same across the lenders. It includes income documents, KYC documents, property documents, etc. However, the final list of documents required may still vary from lender to lender, depending on certain factors.
Here are some of the most important documents that most lenders ask you to submit with your loan application:
1. Completed and signed home loan application form
2. Latest passport size photographs
3. Identification proof (at least one proof required)
4. Residence proof (at least one proof required)
5. Age proof (at least one proof required)
6. Income documents
For salaried individuals:
For self-employed individuals:
For non-resident Indians (NRIs):
7. Property documents
Having an income proof is one of the most important requirements for a home loan application. However, if you currently don't have any income proof, here are some tips that could help you get your loan approved:
You must have a minimum salary of around Rs 15,000 - Rs 20,000 to apply for a home loan. However, this requirement may vary across lenders.
Yes, Non-Resident Indians (NRIs) can apply for a home loan in India. You must meet the eligibility criteria set by lenders and must provide the required supporting documents like work permit, copy of passport and visa, bank statements, address proof, employment letter, etc.
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