Important List Of Documents Required For A Home Loan

Home loans can be an ideal way to fund the purchase of a property in India. However, to ensure prompt approvals, borrowers must know the important documents required for a home loan. Without the necessary document, lenders can reject the loan application.

Top 5 documents required for a home loan

While applying for a home loan, borrowers must keep the following documents handy:

1. KYC documents
2. Business proof (should not be less than 5 years)
3. Income proof, such as salary slips, profit and loss statement
4. Bank account statement for last 6 months
5. Property documents, such as title deed and allotment letter 

However, note that these documents required for a home loan are indicative. Borrowers may need to submit additional documents to determine home loan eligibility.

Before proceeding with the loan application, borrowers must use a home loan calculator beforehand to estimate the amount they are eligible to avail of based on their income and repayment capacity.

Moreover, before applying for a home loan, borrowers must research the current home loan interest rate to select the most affordable one and ensure cost-effective borrowing.

Thus, keeping the documents required for a home loan handy will quicken the loan application process and improve credibility as a borrower.