With the simplified eligibility requirements and documentation norms for home loans, accessibility to the advance has only increased in the past few years. It has become plausible to arrange the documents required for a home loan well before applying to enjoy streamlined loan processing.
Nonetheless, knowing the complete list of the documents required is extremely crucial to ensure a hassle-free application process. Note that while identity documents remain the same for all individuals, documents required as income proof can differ depending on one’s employment profile, i.e., salaried or self-employed.
The document requirement is based on the home loan eligibility criteria laid down by the selected lender. The following is a standard list of all the documents you would usually require to avail the credits.
One also needs to provide passport-sized photographs along with the filled-in application form with accurate details to apply for a home loan. These were the common documents required to avail of a home loan. Now, take a look at the income and financial documents that salaried and self-employed applicants need to provide separately.
Note that your documents submitted as income proof also impact your home loan interest rate, determining affordability.
Along with these documents required for a home loan, you must also check and fulfill the eligibility criteria laid down by your selected lender. Use a home loan eligibility calculator to estimate the maximum loan amount available as per your age, income, and other eligibility parameters, and apply accordingly.
Reputed lenders make financing more convenient and less time-consuming with their pre-approved offers available on home loans, loans against property, and other financial products. Provide only your name and contact number to check your pre-approved offer before applying.
You must also estimate your home loan EMIs before applying for the advance to assess affordability. Make sure to plan repayment of your housing loan avail ensure convenient and unburdened management of the loan over its tenor. Existing borrowers can also check the documents required for a home loan balance transfer if planning to refinance their housing advance. Since documentation is one of the primary requisites to availing the advance, prospective borrowers must take note of them well before initiating the application process.
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