Documents required for home loan
02 Jan 2023
Table of Content
Documents Required for Home Loan
When you apply for a Home Loan, a bank needs proof to verify your identity and assess your creditworthiness before sanctioning. It does that by requesting you to provide several documents. As such, you should ensure you provide all the documents required for Housing Loan as mentioned on the loan application form.
Here is a list of the primary Home Loan documents you need while applying for a home loan, along with specific documents required from salaried and self-employed Applicants.
Key Documents Required for Home Loan
- Home Loan Application Form duly filled and signed, available at your nearest Bank of Baroda branch or the bank’s website.
- 2 Passport size photographs ; one of which should be attested on the application form.
- Home Loan Application Form
- Identity Proof Documents
(Any government-approved document with your photograph on it)
- PAN
- Aadhaar Card
- Passport
- Driver’s License
- Voter ID Card
- Age Proof Documents
- PAN
- Aadhaar Card
- Passport
- Driver’s License
- Birth Certificate
- Address Proof for Home Loan
The document should have your permanent address mentioned on it.
- Aadhaar Card
- Passport
- Driver’s License
- Bank Passbook
- Utility Bills
- Identity Proof Documents
Documents Required for Home Loan for Salaried Person
As a salaried individual, you need to provide all the Housing Loan documents mentioned above. You also have to give a few additional, income-specific documents, enabling the bank to assess your eligibility. They are as under:
- A duly filled Form 16
- A letter from your employer certifying your employment status and the duration of your employment
- Your salary slips of the last 3-6 months
- Your filed IT Returns of the last three years
- Investment proofs (shares, fixed deposits), if any.
- Account statement showing credit of salary.
Home Loan Documents Required for Self Employed
Self-employed applicants also need to provide a few additional documents certifying their source of income. These include
- Business address proof
- Their duly filed tax returns of the past three years
- Company Balance Sheet, Profit and Loss Statements, duly audited/attested by a Chartered Accountant
- Their business license/professional practice (for doctors, lawyers, etc.) documents
- Copies of registration certification for establishments like shops, factories, clinics, offices, etc.
- Account statement of business.
Property Documents Required for Home Loan
Apart from your basic and income-specific documents required for Home Loan, you also have to provide the documents of the property you intend to buy through the loan. These include:
- A No Objection Certificate (NOC) provided by the society or the builder
- The original, registered sale deed, letter of allotment or stamped agreement of sale, provided by the builder
- Occupancy Certificate for ready-to-move-in properties
- Maintenance and electricity bills, along with property tax receipts
- Original receipts showcasing any advance payments made to purchase the property
- A copy of the building plan for purchasing flats, villas, bungalows, etc.
- Original receipt showcasing the land tax paid, along with possession certificate issued by the relevant authorities.
- Bank account statements showing any payments made to the seller or builder.
- A detailed estimate of construction costs (in the case of construction loans).
To ensure your loan is approved without any hurdles, you must provide all the Home Loan documents mentioned in the home loan application form. You may also be required to provide few other documents based on your employment, property type etc. So, do you have your documents ready? Go ahead; apply for a Home Loan from Bank of Baroda today!
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Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Home Loan Eligibility - Guide for Beginners
Buying a house in today's real estate market may seem expensive, but it is not impossible. With Bank of Baroda's Home Loans, you can buy a ready-to-move-in home, an under-construction home or a plot of land and construct house within 36 months. You can even construct a house on any piece of land you own. The bank also provides the necessary finance to renovate your existing property. However, your loan is sanctioned only if you fit the bank's Home Loan eligibility criteria. Let's understand what is Home Loan eligibility, and the various criteria considered by the bank.
Home Loan Process
Owning a home gives you a sense of financial security. You can easily become a homeowner, thanks to a Home Loan. To make this type of loan more accessible to anyone in need, Bank of Baroda has made the home loan application process even more convenient. Now, you do not need to visit the bank several times to get your loan approved. Indeed, you can get approval for your home loan from the comfort of your home. Yes, Bank of Baroda has streamlined the Home Loan process. You can start the loan application process online.
Here are the steps you need to follow:
