Bienu VaghelaApnapaisa
All of us want an abode which we can call of our own so that we can stay there peacefully with our family. For some it is a cake-walk whereas for others it is a cat-walk (difficult to balance). Few lucky ones are able to identify the property quickly, finalize the lender, negotiate the right interest rates and arrange down – payments too in time. But one aspect which poses challenge for one and all is doing the documentation for the home loan. There are number of documents required for home loan which slightly differ for salaried professionals and for those who are self- employed whereas there are some additional documents required for NRIs.
Also Read: Here are questions to ask before buying home in 2014
Documents are the pillar of your home loan process; hence you should be extra careful with arranging and assimilating all the documents required by your lender. This will ensure that your flight to home buying process does not develop snags later. Documents range from proof of identity, residence, bank account details, income proof, developer agreement and much more. It is very important that you carefully read the list of documents provided by your lender and slot it according to your convenience, in case of any clarification, do it right away with your relationship manager so that you don’t have to go back and forth for making changes. This will save you lot of time, money and stress.
We list here the documents required to complete your home loan process:
1. Application form duly filled in with two photographs
2. Proof of Identity - PAN/ Passport/ Driver’s License/ Voter ID card
3. Proof of Residence - Telephone Bill/ Electricity Bill/ Cr. Card Statement/ Driver’s License/Ration Card
4. Bank A/c. Statement (Salary/ Individual/ Business) and through which payment to seller is made (last 6 months)
5. Income Documents
For salaried individuals: • Form 16 or IT returns – last 2 years• Employer Certificate, Appointment Letter, Increment Letter, etc.• Copy of Employee I Card.
For self-employed: • IT returns – last 3 years• Balance Sheet & Profit & loss A/c - last 3 years (certified true copy)• TDS Certificate (Form 16 A, if applicable)• Business proof (Gomasta License, Sales Tax Registration, etc.)• Challans of Advance IT Paid ( Xerox)
6. If any previous loan, then Loan A/c. Statement for last 1 year
7. NOC from builder/ Society• Agreement for sale (Registered)• Letter of Allotment from Private Builder/ Housing Board/ Society• Blueprint (Plan copy) stamped by Municipal Authority• Agreement of Sale (Registered)
8. Development Agreement of Builder (Registered copy) & Commencement Certificate + NOC of ULC (Urban Land Ceiling) for new flats• All Payment Receipts to Builder/ Seller• Occupancy certificate and share certificate ( for resale flat)• Chain of old Agreement/s (in Original for resale flat/s)• IF CIDCO / MHADA Property then, NOC & Transfer Letter from CIDCO/ MHADA• If leased land then Agreement for lease (registered)
9. Margin Money receipt
10. Power of Attorney for NRIs , Valid residence proof, Statement of Overseas Bank A/c. and Indian NRE a/c which reflects salary credit of last six months, Salary Slips (3 months) or Tax Returns (if applicable)
But if you are transferring your loan to another lender, then you will be requiring the documents like: Foreclosure letter (By Existing financer), List of Documents (With existing Financer), Loan A/c Statement (w.e.f. Date of original Sanction) and Third party guarantee for Interim Period.
Now that you are well-equipped with the list of documents, you are confident that your much aspired home loan will yours soon…& so your Home Sweet Home!
Apnapaisa is Online marketplace for loans & investments. Author can be reached at bienu@apnapaisa.com.
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