Required Documents For Home Loan
Generally, the documents required to process your loan application are almost similar across all the banks. However, they may differ with various banks depending upon specific requirements, etc. The following documents are required by financial institutions to process the loan application.
Common Documents
- Passport-size photograph of the applicant & co-applicant
- PAN card copy of the applicant & co-applicant
- Aadhaar card copy of the applicant & co-applicant
- Current address proof of the applicant & co-applicant
- Income proof of the applicant & co-applicant
- Last 12 months’ bank statement of the applicant & 6 months’ bank statement of the co-applicant
In the case of Salaried
- Copies of payslips for the last 6 months and TDS certificate
- Employment certificate from the employer
- The latest 2 years of Form 16 issued by the employer
In the case of Self-employed
- Copy of partnership deed if it is a partnership firm or copy of MOA and AOA if it is a company or Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC) if it is a proprietorship firm
- Copy of audited financial statements for the last 3 years
- Profit and loss account for the last 3 years
- Income tax assessment order
- Company current address proof
- GST certificate of the Company
Other Documents
- All existing loan sanction letters, if any.
- Repayment schedule of existing EMI, if any.
- Agreement copy/booking slip / E-bill, OC & share certificate of the property which is going to be bought.
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Types of Home Loan
There are different types of home loans available in the market to cater to borrower’s different needs.
- Home Purchase Loan: This is the basic type of loan that has the purpose of purchasing a new house.
- Home Improvement Loan: This type of loan is for the renovation or repair of a home that is already bought.
- Home Extension Loan: This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room, etc.
- Home Conversion Loan: It is a loan wherein the borrower has already taken a housing loan to finance his current home, but now wants to move to another home. The Conversion Housing Loan helps the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfills the money required for the new home.
- Bridge Loan: This type of loan helps finance the new home of the borrower when he wants to sell the existing house, this is normally a short-term loan to the borrower & helps during the interim period when he wants to sell the old house & wants to buy a new one, It is given till the time a buyer is found for the old house.
- Home Construction Loan: This type of loan is taken when the borrower wants to construct a new house.
- Land Purchase Loan: It is a loan that is taken to purchase land for construction & investment purposes.
Note: Eligibility extends to salaried individuals and self-employed professionals. Co-applicants (spouse/parents/children) can amplify eligibility, with a maximum of three applicants.
Calculating Your Home Loan Eligibility
- Monthly Income: The net income after deducting other EMIs influences eligibility.
- Other EMI: Existing EMIs for other loans impact available income.
- Duration of Loan (Years): Choosing the loan tenure affects interest paid and EMI amounts.
- Interest Rate (in percentage): Different banks offer varied rates; comparing deals is crucial for a prudent decision.
- EMI (Equated Monthly Installment): This is the monthly payment for your home loan.
- Eligible Loan Amount: The maximum loan amount a bank can sanction based on your profile.
Why Choose Indexia Finance Home Loan?
At Indexia Finance, we stand as your best home loan provider company in India. Our online application process at www.indexiafinance.com ensures convenience and efficiency. We cater to diverse locations, including Ghaziabad, Gurgaon, and more.
Secure Your Dream Home with Indexia Finance
Our commitment to being the best home loan company is reflected in providing top-notch services. Indexia Finance is your comprehensive loan destination, fulfilling dreams and ranking among the top 3 finance companies and loan service providers in India.
Invest wisely in your dream home. Choose Indexia Finance, your trusted partner in making homeownership dreams a reality.
Disclaimer: Ensure thorough comparisons of EMI, tenure, and interest rates before finalizing any deal.
