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The process of mortgage application is anything but simple. Quite rightly so, because the lender has to scan every aspect of your life and assess your financial health before it decides that you are mortgage worthy. Further, it’s a sizable amount to be repaid over the long term by you and the lender must know that you will be able to service your loan diligently through the tenure.
In order to judge your creditworthiness, your prospective lender will therefore ask you to submit a whole host of documents. The documentation process is rather rigorous, but you must understand that this is an important part of your loan application, so it has to be done well. The following are the documents you need in order to put together an impeccable ‘home loan application file’.
Courtesy - 123rf
General List of Documents Required:
- Completed loan application
- 1 passport size photograph (including the one affixed in loan application)
- Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
- Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
- Proof of business address, in case of non- salaried borrowers
- Statement of bank account for the last six month
Documents Specific to the Following:
- Salary slips for last 3 months
- Bank statement for last 3 months
- Copy of identity card issued by the employer.
- Form 16 or IT Returns for the last 2 years
- Photocopies of IT Returns/Assessment orders for the last 3 years
- Balance sheet and Profit and Loss A/c for the last three years (Certified true Copy attested by Chartered Accountant)
- Proof of business address.
- Proof of business (Registration Certificate of establishment, Gumasta /Trade License, Sales Tax Registration etc.)
- Certificate of Practice-photocopy.
- TDS Certificates (Form 16A wherever applicable)