Home Loan Documents Checklist

Happy man holding a pencil, slate with tick marks indicating completed Home Loan Documents Checklist

Planning to purchase your new home? You’re embarking on an exciting journey, and having the right documents is essential. This comprehensive home loan documents checklist ensures you’re fully prepared.

This home loan documents checklist is divided into three categories: Common Documents, Income Documents and Property Documents for Salaried Individuals, Self-Employed Professionals, Business Owners and NRIs/POIs.

Documents Index

Home Loan Documents Checklist 2024

Common Documents

Here is the home loan documents checklist of common documents required for all applicants – whether you’re a Salaried Individual, Self-Employed Professional, a Business Owner, or an NRI/PIO.

1. Identity Proof: Copy of PAN Card is mandatory for all Home Loans above Rs 5 Lacs.
(If you are an NRIs/PIOs submission of PAN is preferred, but not mandatory.)

2. Address Proof: While Aadhar Card is the most preferred, a variety of address proof documents such as Passport, Voter ID Card, Driving License, Registered Leave & License Agreement, Latest Electricity Bill etc. are acceptable.

Note: i. If your permanent address is different from your local address, then address proof of both locations needs to be provided.
ii. ID and Address Proof of the applicant and all co-applicants needs to be submitted.

3. Bank Statement: Six-month bank statement of the account where your Salary/Income gets credited is required.

4. Post dated Cheques: You need to submit 6 Post dated cheques of your Bank Account.

5. Proof of other Income: If you have stated any other income such as rental income etc. for considering the home loan eligibility, then supporting documents for the same is required by the Bank. No separate document is required if rental income/other income is properly declared in your IT returns.

Income Proof of Co-Applicants needs to be provided, if their income is considered for determining the home loan eligibility.

6. Educational Qualification Proof: You need to submit your highest educational qualification certificate.

7. Loan Application Form: The format of this form varies across banks. (For Finansh Fulfilled Home Loans, our field agent helps you in properly filling this form and collects the same from your home.)

8. Photographs: 3 passport-sized photographs of all applicants are needed.

9. Property Seller KYC: If you are buying a resale property then Proof of Identity, Address, and cancelled cheque of the seller is required.

Income Documents

For Salaried Individuals

If you are a salaried individual eyeing your dream home, apart from the above home loan document checklist, here are the income related documents you need to submit:

1. Salary Details: Previous 3 Months Salary Slip OR Original Salary Certificate (when salary slip is not available)

2. Income Tax Documents: Copy of Income Tax Returns for the last two years, acknowledged by IT Dept and/or Form 16 issued by your employer for the current year.

3. Employer ID Card: Copy of ID Card by your employer is required.

4. Employment Confirmation (Optional): Some banks also require you to send an email from your official email ID to confirm your present employment.

For Self-employed Professionals

If you are a self-employed professional (Ex: CA, Doctor, Trader, Lawyer etc.), here is the home loan document checklist of profession and income related documents you need to get ready:

1. Proof of Address of Practice of Profession: Address Proof of the location where you practice your profession. Ex: Rent Agreement, Shop Act/Trade License, GST Registration Certificate etc. (Any one, as applicable to you)

2. Income Proof: Acknowledged copies of last two/three years I.T. Returns or Assessment Orders.

(Note: If your yearly Gross Receipts is more than Rs.50 Lacs, submission of Audited Balance Sheet is required)

3. Tax Payment Receipts: Photocopies of challans showing payment of Advance Income Tax, TDS Certificate, Form 16A (If Applicable)

4. Certificate of Qualification: Certificate of Qualification (Professional Degree and Licenses) is required for professionals such as Doctors, Lawyers, CAs and other professionals.

For Business Owners

Business owners have a slightly different set of document requirements. Here is home loan document checklist for business owners:

1. Business Address Proof: Address Proof of the location of your business is required. Ex: Rent Agreement, Shop Act/Trade License, GST Registration Certificate etc. (Any one, as applicable to you)

2. Income Proofs: Acknowledged copies of last two/three years I.T. Returns or Assessment Orders along with Balance Sheet and Profit and Loss Account.

(Note: If the annual turnover of your business is more than Rs. 1 Crore, submission of Audited Balance Sheet is required.)

3. Business KYC Documents: Copy of Business PAN Card, Partnership Deed (In case of Partnership firms), Memorandum of Association (In case of Private Limited Companies) etc.

4. Business Profile: Provide a summary that includes your business type, years of operation, etc.

For NRIs and PIOs

As an NRI/PIO, along with the above common home loan documents checklist listed above, you will also need:

1. Overseas Employment Details: Employment Contract, Work Permit, and Salary Slips.

2. NRI Status Proof: Passport and Visa Copies and OCI/PIO Card (if applicable).

Property Documents

For Developer Property (Direct Allotment from Builder)

1. Allotment Letter from Builder

2. Builder Buyer Agreement/Agreement to Sale 

3. Original Payment Receipts of Booking Amount/Advance towards purchase of flat 

4. Original NOC (No Objection Certificate)

5. Copy of approved Building Plan

6. Latest Property Tax Receipt

7. Possession/Occupancy Certificate (if applicable)

8. Permission for Construction (if applicable)

9. Letter from the Builder intimating their A/c Number and Name of their bankers, for remittance of home loan funds.

For Resale Property

1. Agreement to Sale

2. Sale Deed/Conveyance Deed in favour of the Seller of the property

3. Original Share Certificate and No Objection Certificate (In case of Housing Society)

4. Copy of Approved Building Plan

5. Latest Property Tax Receipts, Electricity Bills, Maintenance Bills etc.

6. Possession Certificate

7. Certificate of Permission for Construction (if applicable)

8. Original Receipts/transaction details of Advance Payment made towards Purchase of Flat. (If Applicable)

9. Occupancy Certificate

10. Chain of Old Agreements of Sale from first allotment of Property (For Old Properties)

Home Loan Documents Checklist for Balance Transfer

The home loan documents checklist required for balance transfer of your existing home loan are similar the ones for new home loans as listed above. In addition, the following are needed:

1. Existing Loan Documents: Details of the current Home Loan, including tenure, interest rate, and outstanding amount. (Copy of Sanction Letter and last 1 year Home Loan Account Statement normally covers this part)

3. Request Letters: Request letter to your existing Bank and to the new bank for repaying your existing home loan.
(Note: Submit these letters to the bank you are transferring the loan to, not your current bank.)

4. List of Documents: List of Original Documents that your current bank has under their custody. Your current bank will provide this on their letter head or through their official email.

Post-Sanction Home Loan Document Checklist

Once your home loan gets disbursed, it is essential to retain copies of the following for future reference:

1. Sanction Letter/Loan Agreement – This is the main document that outlines all the terms and conditions of your home loan.

2. Key Fact Statement – This 1-2 pager document serves as a quick reference for your home loan interest rate and other terms.

3. List of Documents – This document lists all original papers you have submitted to the bank. Double-check this list when you are closing your home loan to ensure everything is in order.

Just a quick reminder, for Finansh fulfilled Home Loans, our experts take care of everything and are always available to address any questions regarding these documents.

With this comprehensive home loan document checklist, you’re one step closer to confident homeownership. For more insights and support on home loans, reach out to our experts at support[at]finansh[dot]in

Don’t skip our Home Loan FAQ’s and Home Loan 101 guide! It’s your one-stop solution for all home loan questions.

Share the Wisdom!

Useful Links:

If you’re looking to download your Aadhar Card, PAN Card, or Income Tax Returns, check out these official websites:

1. For Aadhar Card Download: Official UID Aadhar Portal

2. To obtain ePAN or a Duplicate PAN Card: NSDL ePAN and UTI ePAN

3. To access Income Tax Returns: ITR e-Filing Portal

Disclaimer: This home loan documents checklist aims to provide a thorough list of required documents for a home loan. However, please note that different lenders might request additional documents based on your property specifics and your individual financial profile among other factors.