Home Loan - Documentation checklist

Banking and Finance : Property Loans - Documentation

While submitting an application for a home load, certain basic documents are required.

a. 3 years IT Returns (alongwith copies of computations). For salary earners, Form 16 copies will be required. For businessmen, copies of accounts viz., profit and loss and balance sheets will be required.

b. 6 months statements of your active bank accounts in which your salary and business income are shown.

c. Age proof/address proof – Driving licence/passport/Ration card/PAN card/election commission's card.

d. Photo ID proof – Any of the above with a photograph id.

e. Employment details – Details of your company.Details of investment – Current Market Value.

f. Details scrutinized by banks in your bank statements include

i) Level of activity

ii) Average bank balance

iii) Cheque returns

iv) Cheque bounces

v) Periodic payments to other banks/finance companies.

The above checklist only gives a basic idea of the documents required for home loans. A lot of research and liason work is required to be carried out with banks in order to obtain home loans with the lowest EMIs.