Home loans can be used for buying a ready to move in the house or booking an under-construction property. Home loans are secured loans where lenders use the property of the borrower as the security. The property can either be commercial or personal, built or under construction. Here you will get a list of all documents required for home loan which will help you to avail loan easily.
Requisite documents to avail a home loan:
  1. Documents of the property that borrower will be mortgaging, using as collateral for the loan.
  2. Identity proof of the applicant such as Aadhar card, PAN card, driving license, passport.
  3. Address proof such as electricity, gas or phone bills, municipality tax receipt, house loan agreement, LIC (life insurance policy) policies.
  4. Bank account statements of the applicant (s).
If you are a salaried person, then you be required to submit salary slips of last 12 to 16 months. Your age should range from 22 to 64 years and minimum work experience of at least 2.5 to 3 years.
If you are a self-employed person, then you will need to submit a balance sheet audited by a chartered accountant. Many lenders might ask you to submit the establishment certificate, GST (goods and service tax) registration certificate and more. Your age should range between 26 to 70 years.
When you opt for a house loan, the Home Loan EMIs are low and easy to pay since the tenor of home loans ranges up to 25 years. Many leading NBFCs like Bajaj Finserv offer an easy home loan application and approval process for ease of the customers.