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Minimum Home Loan documents required for Home Loan Approval

Published On Jun 27 2024 11:54 AM 1 min read 30 views 2377 Likes
Minimum Home Loan documents required for Home Loan Approval

A home loan is a big step toward owning the house of your dreams. Preparing and submitting the required documentation expedites the procedure and improves the likelihood of acceptance.

The list of mortgage documents required for approval often falls into several categories: identity evidence, proof of address, proof of income, property paperwork, and other financial documents. However, different lenders may have somewhat different criteria. Here is a required list of documents for home loans:

Identity Verification

Identity evidence is necessary to confirm the applicant's identification and home loan eligibility to the right person. Generally speaking, acceptable identification proof documents consist of:

  • Passport: A government-issued passport is a commonly recognised document that attests to one's identification.
  • Aadhaar card: The Aadhaar card is a comprehensive identity document in India.
  • PAN Card: The Permanent Account Number (PAN) card is another widely used card.
  • Voter ID Card: Another form of government-issued identity is the voter ID card.
  • Driving License: A current driver's license verifies an individual's identity and age.

Address Verification

Verification of the applicant's present and permanent residence requires proof of address. Typical documents that are recognised as evidence of address are:

  • Utility Bills: Current gas, water, or electricity bills.
  • Aadhaar Card: This can be used as evidence of address and identity.
  • Passport: If the current address is included.
  • Voter ID Card: This has two uses, much like the Aadhaar card.
  • Rental Agreement: A registered rental agreement might be necessary if the applicant resides in a rented property.
  • Bank Statements: Documents containing the applicant's address.

Proof of Income

Income verification is essential for the lender to determine the applicant's ability to repay. The paperwork needed varies according to the type of employment:

  • Salary Slips for Salaried Individuals: The salary slips from the previous three to six months.
  • Form 16: This document, which the employer provides, describes the income and taxes withheld.
  • Bank Statements: Statements that show salary credits covering the previous six months.
  • Employment Certificate: An official letter from the employer attesting to the position's tenure and status.
  • Income Tax Returns (ITR): Income Tax Returns for the previous two to three years and an income computation are required for self-employed individuals.
  • Profit and Loss Statement: Certified by a chartered accountant.
  • Bank Statements: The previous six months' personal and commercial account statements.
  • Business Continuity Proof, such as trade licenses or registration certificates, attesting to the company's existence and operation, is recorded.

Title Records

The lender must confirm the property's ownership and validity before approving a home loan application. Vital property records consist of:

  1. Sale Agreement: The sale agreement is the main document outlining the terms and conditions of the sale of real estate.
  2. Title Deed: To prove ownership and guarantee a clear title to the property.
  3. Authorised Building Plan: Endorsed by the regional municipal government.
  4. NOC (No Objection Certificate): The housing society or developer may provide an NOC.
  5. Occupancy Certificate: When a building is newly erected, the occupancy certificate certifies that the structure is ready for use.

Additional Financial Records

More financial records can be required to give a complete picture of the applicant's financial situation:

  • Credit Report: A copy of the applicant's credit report includes their credit history and score.
  • Investment Proofs: Records about mutual funds, fixed deposits, or other investments.
  • Insurance Policies: If applicable, evidence of life insurance or other pertinent policies.

In Summary

The approval process for a home loan can be significantly accelerated by having all the needed paperwork available. You should submit a solid application to the lender by obtaining the necessary identity proof, address proof, income proof, property paperwork, and other financial documentation.

Being well-prepared makes the process easier and improves your chances of getting the mortgage you need to realize your dream of owning a home. To learn more about affordable interest rates on house loans, visit IIFL Home Loans.


Q1. What is the minimum age to qualify for a home loan?


The applicant must be between the age of 23-70 to qualify for a home loan.

Q2. What real estate records are necessary to apply for a house loan?


Property records such as the sale deed, title deed, tax receipts, and authorised building plans are required to confirm legal ownership.

Q3. Can I obtain a mortgage without proving my income?


You can overcome the obstacle of obtaining a house loan approval without an ITR and income verification documents by submitting a joint application. The co-applicant will take over as the principal borrower in such a scenario.

Q4. How many pay slips does a house loan require?


Salary slips for the last three to six months show variable components like incentives, overtime, current IT Returns (for candidates submitting IT returns domestically), etc.

Q5. Can I receive a 100% mortgage?


Due to security concerns, lenders will not approve a 100% mortgage loan. However, they can lend up to 80% of the current market value of the property.


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