Home Loan Documents Required

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Documents Required for Home Loan

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.

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Home Loan Documents Checklist

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)

  • Aadhar Card
  • Driving License
  • PAN
  • Passport
  • Voter ID

4. Residence proof (at least one proof required)

  • Utility bills (like Telephone bill, electricity bill, water bill)
  • Ration card
  • Passport
  • Bank statement with your address or Passbook
  • Employment letter
  • Voter ID

5. Age proof (at least one proof required)

  • Birth certificate
  • 10th marksheet
  • Driving License
  • PAN
  • Aadhar Card
  • Passport
  • Passbook

6. Income documents

For salaried individuals:

  • Copy of Form-16
  • Copy of the latest Income Tax returns
  • Latest Salary slips
  • Salary increment letter (if any)

For self-employed individuals:

  • Bank account statement
  • Latest Balance Sheet and P&L statement
  • Copy of Income Tax returns
  • Proof of business address
  • Copy of Form-16A (if applicable)
  • Certificate of qualification (required for professionals like C.A., Doctor, etc.)
  • Details of business license

For non-resident Indians (NRIs):

  • Copy of valid Visa and passport
  • Work permit
  • Bank statement (both overseas and NRO)
  • Letter of appointment with latest salary slips (if salaried employee)
  • Employee ID (if applicable)
  • Overseas address proof

7. Property documents

  • Sale deed or agreement to sell
  • NOC (no objection certificate) from the builder or society
  • Construction cost estimate
  • Receipts of property tax paid
  • Receipts of tax paid for land/building
  • Receipt of any payment made in advance to builder
  • Approved building plan

Home Loan FAQs

  • Q. Can I get a home loan without any income proof or IT Return?

    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:

    Add a co-applicant
    Consider borrowing a lesser amount
    Speak to the lender and explain your income source
    Maintain your savings bank account
    Try alternate funding sources like peer-to-peer lending
  • Q. What is the minimum salary required to apply for a home loan?

    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.

  • Q. Can NRIs apply for a home loan in India?

    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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Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
(T&C link: https://property.magicbricks.com/terms/terms.html)

**This service is available in select cities only.

*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.