Home Loan Application

A housing loan is taken by individuals to purchase land or property. It is easy to get a housing loan or home renovation loan from a banks and financial institution. Since it is a popular kind of loan, it is going to be easy to get one. However, the priority should be to compare all the available loan options for the best home loan interest rate and disbursement time. The application process necessitates a formal application and documentation. Yes, when you apply for a housing loan, you need to complete the housing loan application with relevant documents. Documentation is an important part of a home loan application. It is very vital to submit the complete list of documents that play a critical role in application evaluation.

The home loan application means background verification and confirmation for personal, employment, and property verification. Without complete documentation, it is not possible to process the housing loan application. Every loan provider has its own approval time. It is important to compare the approval times offered by every loan provider if you need a home loan instantly. When you compare all the available loan options, you will get the best loan provider that offers instant approval. If you are applying for the first time for a home loan, here’s a complete, detailed list of all the housing loan documents that need to be submitted.

Documents Required for a Loan Guarantor

  • Liabilities Statement
  • Personal Assets
  • two passport-sized photos
  • Identify proof.
  • residence proof.
  • Proof of business address.
  • Identification of signatures from current bankers

List of Property Documents Required for a Home Loan

  • Deed of Sale or Sale Agreement or share certificate in the case of a cooperative society.
  • Receipts for building and land taxes paid, a certificate of possession, and a certified sketch of the property’s location from revenue authorities.
  • Letter of Allotment from the Society of Housing Boards or a Private Builder
  • Advance payment receipts for a flat purchase
  • certificate of non-encumbrance encompassing the last 12 years or 30 years.
  • Receipt of land tax payment and certificate of possession issued by revenue authorities.
  • Permission letter from the appropriate authority.
  • Approved building plans
  • The original No Objection Certificate issued
  • If agricultural land is being converted, copy of the relative order.
  • Certificate of no objection from the housing society’s builder
  • Construction cost estimate in detail
  • For instalment remittance, the society, builder, and housing board mention their bank and account details.
  • A declaration by the loan borrower stipulates the date by which a house must be built, applicable to the purchase of a land plot.
  • report from a lawyer as per standard format.
  • A report stating the valuation of property in a standard format by an empanelled valuer.

Documents required for the handover of original property documents after the loan has been closed.:

  • Power of Attorney for collecting original documents related to property.
  • In the event of the demise of the loan borrower, requesting property documents from the legal nominee
  • Relinquishing the right to Legal Heirs’ Nominees for Property Documents Handover
KYC documents for housing loans

ID Photo Proof

  • Passport
  • PAN Card
  • Driving License
  • Voters’ ID Card
Residence Proof 
  • Electricity Bill
  • Ration Card
  • Telephone Bill
  • Employment Letter
  • Passbook or bank statement with address
Proof of Age
  • PAN card
  • Passport
  • Birth certificate
  • Driving licence
  • Bank passbook
  • 10th-grade mark sheet
Proof of Income for Salaried
  • Form 16
  • Employer’s certified letter
  • Paystubs for the previous two months
  • Letter of Recommendation or Promotion
  • IT returns of the past 3 years
  • The salaried individual would also have to furnish any investment proofs like fixed deposits or shares.
  • Passport-size photographs
Proof of income for the self-employed:
  • Income Tax Returns (ITR) of the last 3 years
  • The company’s balance sheet and profit and loss statement
  • Business License Details
  • Professional Practice Licence for Doctors and Consultants
  • Registration Certificate of Establishment 
  • Proof of Business Location
List of Documents Required for NRI Applicants
  • Employer salary certificate stating designation, passport number, date of joining, and most recent salary.
  • Salary slips from the previous three to six months that reflect variable components such as incentives and overtime
  • The latest IT returns for applicants filing IT returns in the country
  • For self-employed NRIs, business documents like trade licences, sponsor agreements, and powers of attorney
  • copy of a passport showing the page of a residence visa.
  • Proof of employment by the government of the residing country, like a work permit or labour contract,
  • Bank statements from overseas for the past 6 months
  • last 6 months’ NRO or NRE bank statement.
  • If an applicant is unavailable in the country at the time of signing documents, a Power of Attorney needs to be produced by the person acting on their behalf.
Documentation’s Purpose

In housing loans, documentation plays a very vital role. It not only determines the eligibility and background verification of the individual but also the property. The loan provider runs a complete background check when it comes to the verification of property and personal identification. If any of the compulsory documents are missing, the application process will be suspended or rejected. 

Wrapping up

Take a house renovation loan from Clix Capital at an affordable loan cost. A home loan is one of the best financing solutions to purchase a property or plot of land. Clix Capital offers reasonable lodging advances online in India. Here you know how to get a home credit immediately in India? Visit the Clix Capital authority site and apply online for a simple home credit choice at the least loan cost and insignificant documentation necessity with a quick application endorsement process.

Check your qualification measures, tax reductions, and number cruncher month to month EMI. Partake in the smooth and bother free computerized stage insight with the best rates on the lookout. Here you can likewise take more advantages to apply under Pradhan Mantri Awas Yojna (PMAY) conspire sponsorship. A home credit is an ideal financing answer for make your blessing from heaven. It is vital to pick a low home credit financing cost to make the home advance reasonable. Do your exploration a long time before you at last pick your home credit supplier.

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