A Complete Checklist of Documents Required for Home Loan

The road to homeownership is a fascinating journey. Lots of planning, plenty of brainstorming, mulling over decisions, etc., the entire process may seem like a rollercoaster ride, especially when it comes to choosing the right financier. Even after selecting your preferred bank for Home Loan, you must ensure all the documents are furnished accurately to avoid your application getting rejected. 

In this blog, we have simplified the documents required for home loan. Please note that the information mentioned here is generic in nature and may vary across banks. If you want to apply for a home loan with Ujjivan Small Finance Bank, kindly contact the bank by dialing the toll-free number 1800 208 2121 or visit your nearest Ujjivan branch for more information.

Home Loan Documents Checklist 101

1. Photo Identity Proof (generally, self-attested copy of any one of the following)

• Valid Passport
• Aadhaar Card
• Voter's Identity Card
• Driving licence issued by the regional transport authority
• Job card issued by NREGA 

These documents serve as primary identification, which are essential for any financial transaction in India.

2. Address Proof (generally, self-attested copy of any one of the following)

• Valid Passport with expiry date
• Aadhaar Card
• Voter's Identity Card
• Driving licence issued by the regional transport authority
• Job card issued by NREGA 

3. Income Proof (generally, self-attested copy of any one of the following)

For Salaried Individuals

• Salary slips for the last 3 months
• Form 16 for the last 2 years
• Bank statements showing salary credits for the past 6 months
• Appointment letter or promotion letter (if recently promoted)

For Self-Employed Individuals

• Income Tax Returns (ITR) for the last 3 years
• Profit and Loss account statements
• Balance sheets for the last 3 years
• Business license or registration certificate
• GST returns (if applicable)
• Last 6 months' bank statements

Income proof is crucial, as it helps lenders assess your repayment capacity. Consistent income reflected in salary slips and bank statements is key for salaried individuals. Self-employed applicants need to demonstrate stable business income through various financial documents.

4. Employment Details (for salaried, self-attested copy of any one)

• Employment letter or joining letter
• Experience certificates from previous employers
• Current job profile and designation proof

These documents validate your employment status and job stability, which are essential in loan approval. A steady employment history can significantly boost your loan application.

5. Business Proof (for self-employed, self-attested copy of any one of the documents)

• Shop establishment certificate
• Trade/professional license 
• GST return

6. Property Documents

• Sale deed or agreement for sale
• Property registration documents
• NOC (No Objection Certificate) from the housing society (if applicable)
• Occupancy certificate
• Property tax receipts
• Approved building plan
• Allotment letter (for under-construction properties)

Property documents are essential, as the property serves as collateral for the loan. These papers prove the legitimacy of the property and its ownership status.

7. Investment Proofs

• Fixed deposit certificates
• Mutual fund statements
• Shares and debenture certificates
• Life insurance policies

Investment proofs showcase your financial prudence and can positively impact your loan eligibility. They also serve as additional income sources in some cases.

8. Loan-Related Documents

• PAN or Form 60 (mandatory)   
• Loan application form (duly filled out and signed)
• Passport-sized photographs
• Processing fee cheque
• Foreclosure letter and statement of accounts (for balance transfer cases)

These documents initiate the formal loan application process. Ensure all details in the application form are accurate to avoid delays.

9. Additional Documents (if applicable)

• Marriage certificate
• Divorce papers (in the case of marital separation)
• Co-applicant's documents (if applying jointly)
• Guarantor's documents (if required by the lender)

These documents may be required based on your circumstances and the lender's policies.

Tips for a Smooth Home Loan Documentation Process

1. Organise documents in advance to avoid last-minute rushes
2. Keep multiple copies of important papers for quick reference
3. Ensure all documents are up-to-date and valid
4. Double-check the application form for accuracy before submission
5. Respond promptly to any additional document requests from the lender
6. Maintain a checklist to track submitted and pending documents
7. Consider digital storage of documents for easy access and sharing