Everyone dreams of having their own house, but the high cost of land and interest can be a burden for many people.
When the home loan rates and interest rates are lesser, everyone thinks of taking up a loan for their own house and fulfill their dream.
You may be capable of having a home loan with the decent job you have, but it is essential also to prove the lender that you will be able to pay them back by submitting some documents.
Here is a list of required documents if you want to take a home loan from HDFC, SBI, LIC, and DHFL
Homeloan requirements are different for people who are salaried, business people, and self- employed.
Documents required for a home loan:
For salaried people:
If you have a good job, then you will be lucky to have the least necessary documents for the process.
With the salaried job, you will have proof that you will have enough money for the future. Here is a list of documents required:
● Housing loan form/application of the lender with a photograph
● Identity, residence and age proof
● Payslips for the next three upcoming months
● Bank statements for the last six months
● IT returns
● The cheque for processing the fee
If you are already a customer at the bank, then they will sanction you a pre-approved loan for the house that you are dreaming of.
Home loan documents required for self-employed people:
● The home loan application of the person with a photograph
● Residence, identity and age proof
● Educational qualification proof
● Proof of the business existence
● Copy of the shop and the establishment license or any other necessary license needed.
● The copy of self-assessment tax paid challan/ advance tax paid
● Bank statement from last one year from both savings and current account
● Three years of IT returns with the computation of income
● The balance sheet and profit and loss account from the last three years
● A cheque which is required for processing fee
Home loan for self-employed eligibility – Non-professional:
● House loan application of the lender with a photograph
● Age, residence and identity proof
● Educational qualification proof of the lender
● Business profile
● Proof of the business existence
● Copy of the shop or establishment license with other necessary licenses
● Bank statement from last one years which has both savings and current account
● Copy of self-assessment of tax paid challan/ advance tax payment
● Last three years of IT returns and the income profile
● The balance and profit and loss account from the last three years
● Cheque processing the fee
There are various documents needed for taking a home loan so that you can assure the person who is lending you money that you will be able to pay back the loan.
You have to decide which bank you are going with and then follow their guidelines for taking a home loan easily and fulfilling the dream of having your own house.
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