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Indianproperty4u.com provides full information about the process of Home Loan.We pre assume that you are seeking some home loans to purchase a home or on the look out for some information related to Home loans. Hereby, we present to you the home loan documents checklist that you need to ensure is with you, before you apply for a home loan. A basic checklist for home buyers like proper and clear title and correct proposition will help you make a safe and informed purchase.
Below are the lists of documents required for availing of home loans for various business and property categories |
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Salaried Individuals |
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1. Salary slip/Form 16 A.
2. A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills.
3. A photocopy of Investments (FD Certificates, Shares)
4. A photocopy of LIC policies with the latest premium payment receipts (if any).
5. Photographs (as applicable).
6. A photocopy of bank statement for the last six months. |
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Self-Employed/Businessmen |
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1. A brief introduction of Business/Profession.
2. Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA.
3. A photocopy of Registration Certificate of establishment under shops and Establishments Act/Factories Act.
4. A photocopy of Registration Certificate for deduction of Profession Tax (if applicable).
5. Bank statements of Current and Saving accounts for the last 6 months.
6. A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.
7. A photocopy of investments (FD Certificates, Shares, any other fixed asset). |
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Documents Required for (NRIs) |
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1. Employment contract (English copy if the contract is not in English, attested by the Embassy/Employer).
2. Latest work permit.
3. Details of previous employment.
4. Identity card issued by current employer.
5. Continuous discharge certificate (CDC) – (for applicants employed in the merchant navy).
6. Latest salary slip/certificate.
7. Overseas Bank Account Statement (four months).
8. Pages with visa stamp on the passport. |
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Home Loan Glossary |
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EMI: Equated Monthly Installment till the loan is paid back. It consists of a portion of interest and the principal
- Floating Rate of interest: Rate of interest which varies with the market lending rate. This means that there is an element of risk of paying more than budgeted amount in case the lending rates goes up
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Monthly Reducing balance: In this system interest reduces monthly with repayment of Principal amount
- Annual Reducing Balance: In this system principal is reduced annually at the end of the year so you end up paying interest even for the portion of principal you have actually paid back
- Fixed rate of interest: Rate of interest remains unchanged throughout the period of the loan
- Processing charge: It's a fee payable to the lender on applying for the loan
- Prepayment Penalties: When loan is paid back before the agreed term of the loan, then banks/ institutions charge penalty for the prepayment
- Commitment Fee: Some institution charge commitment fee in case the loan is not availed within a stipulated period, after it is processed and sanctioned
- Miscellaneous Cost: It is quite possible that some lenders may charge documentation or consultant charges.
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