A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Documents Required For Home Loan

    Sooner or later everyone needs a place of their own, and the best way to achieve that goal for a person from a mid-income household in India is to get a home loan. Government of India has schemes in place to assist house buying/building for the citizens. Nowadays, home loans are easy to come by. But only if all your documents in order.

    To secure a home loan, an applicant must submit a number of documents that establish their KYC, the antecedents of the property they wish to purchase, their income background etc. depending on which category of customers (salaried/professional/businessman/NRI) they belong to.

    The documents required vary from bank to bank. Below are some lists of document which are most commonly required to apply for a home loan in India.

    List of Property Documents Required For Applying Home Loan By All Applicants

    • Loan application form.
    • 3 photographs passport sized.
    • Identify proof (acceptable documents listed below).
    • Residence proof (acceptable documents listed below).
    • Bank Account Statement/Pass Book for last 6 months.
    • Signature verification by bankers of the applicant.
    • Liabilities statement and Personal Assets.
    Apply for Home Loan Online

    Documents For Guarantor (Wherever Applicable)

    • Liabilities Statement and Personal Assets.
    • 2 photographs passport sized.
    • Identify proof.
    • Residence proof.
    • Proof of business address.
    • Signature identification from present bankers.

    List of Documents for Salaried Individuals

    • Salary Certificate (original) from employer.
    • Form 16/IT Returns for the past 2 financial years.

    List of Documents Required for Self – Employed Professionals

    • IT Returns/Assessment Orders copies of the last 3 years.
    • Challans as proof of Advance Income Tax payment.
    • Proof of business address for non-salaried individuals.

    List of Documents Required for Self – Employed Businessmen

    • IT returns/Assessment Orders copies of the last 3 years.
    • Challans as proof of Advance Income Tax payment.

    List of Property Documents:

    • Deed of Sale or Sale Agreement or Share Certificate (original) in case of a cooperative society.
    • Receipts for taxes paid for Building and Land, certificate of possession, and certified sketch of the location of property from revenue authorities.
    • Allotment Letter from Society/Housing Board/Private builder.
    • Receipts of advance payments for flat purchase.
    • Certificate of Non encumbrance encompassing the last 12 years/30 years.
    • Receipt of land tax payment and certificate of possession issued by revenue authorities.
    • Permission letter from Appropriate Authority.
    • Approved building plan (showing floor plan for flat purchase).
    • Original No Objection Certificate issued under the ULC Act, 1976.
    • Copy of relative order if agricultural land is being converted.
    • No objection certificate (NOC) from Builder/Housing Society.
    • Detailed estimate of construction cost.
    • Letter from Society/Builder/Housing Board mentioning their bank and account details, for installment remittance.
    • Applicable for purchase of land plot, a declaration by loan borrower stipulating the date by which to construct a house.
    • Report from lawyer as per standard format.
    • Report stating the valuation of property in standard format by an empanelled valuer.
    • Post closure of loan, documents required for handover of original Property documents
    • Power Of Attorney for collecting original documents of Property.
    • In event of demise of the loan borrower:
    • Letter requesting handing over of Property documents from Legal Heir/Nominee(s).
    • Letter relinquishing the right to Legal Heirs/Nominees for Property documents handover.

    List of Home Loan Documents Required for Non Resident Indians (NRIs)

    • Document establishing KYC.
    • Salary Certificate from employer stating in English the name (as per passport), designation, passport number, date of joining, latest salary.
    • Last 3 to 6 months’ salary slips reflecting variable components like incentives, overtime, etc.
    • Latest IT Returns (for applicants filing IT returns in the country).
    • For Self Employed NRIs, business documents like Trade License, Sponsor Agreement, Power of Attorney, etc.
    • Copy of Passport showing the page of residence visa.
    • Proof of employment by the Government of the residing country like work permit, labour contract, etc.
    • Documents related to the Property with cost estimates from an Indian Architect or Engineer.
    • For Salaried NRIs, income documents attested by embassy official required if there’s no documented evidence for salary credit or fund remittance to India is available.
    • Bank statements copies from overseas of the past 6 months.
    • Last 6 months’ NRO/NRE bank statement.
    • If applicant is unavailable in the country at the time of signing documents, Power of Attorney needs to be produced by the person acting on their behalf.

    List of Documents Needed for KYC Compliance

    Some of the usual documents admitted as KYC are mentioned below:

    Photo Id Proof (Any One Required):

    • Passport
    • PAN Card
    • Driving License
    • Voters ID Card

    Residence Proof (Any One Required):

    • Electricity Bill
    • Ration Card
    • Telephone Bill
    • Employment Letter
    • Passbook or Bank Statement with address

    Proof of Age:

    • PAN card
    • Passport
    • Birth certificate
    • Driving license
    • Bank passbook
    • Marksheet from 10th class

    Besides the ones mentioned above, the banks have the right to ask for any document they deem necessary to the loan sanctioning and verification process.

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    Home Loan Reviews

    • Punjab National Bank Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have selected PNB home loan amount 20 lakhs and tenure 25 years, EMI is 20,000 .while submitted documents through executive there no delay receive loan amount disbursal preclouser is chargers applicable and customer service is good and responsiveness.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 18, 2019
    • DHFL
      DHFL Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The home loan using from last 2 years. The documentation process was done without any issues and it was fast got the loan amount 15days. I got the loan amount in one shot. The loan amount was good and the rate of interest was 5% it is lesser than others. The duration is for repaying is for 20 years. There is option of pre closer.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 16, 2019
    • SBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the home loan from last 3 years, the documentation process was easy and done quickly, i got the loan amount on one shot. The loan amount was sufficient the rate of interest was 8.65% it is a nominal. The duration for repaying is for 25 years, there is no issues with the customer support.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2019
    • review Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the home loan from last 4 years and the documentation process was done through offline as it was done quick also i got loan amount after 1 month. The loan amount given partially, the loan amount given was sufficient and the rate of interest given was 10.1% approx. The duration for repaying is for 15 years.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2019
    • review Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my housing loan with Aadhar housing finance , the loan amount which they have given to me was good, it was sufficient for me, the rate of interest they have charged me was nominal, i got loan with less documentation, So far i did not face any issue in getting loan.
      Was this review helpful? 1
      , kanpur
      Reviewed on Jun 14, 2019
    • HDFC Limited Home Loan
      "Best Experience"
      0.5 5.0/5 "Blown Away!"
      From Hdfc Limited I took housing loan it was through online channel, my principal amount was Rs. 40 lakhs, the interest rate is nominal as per the RBI guideline, there was no processing fee taken from my end. I added my spouse as a co applicant, hence the process was easy. They are doing online documents its simpler. I purchased a land to construct an individual house.
      Was this review helpful? 2
      , chennai
      Reviewed on Jun 13, 2019
    • IDBI Home Loan
      "Best loan experience"
      0.5 5.0/5 "Blown Away!"
      IDBI housing loan process is very easy, I submitted KYC, address proof, form 16, property documents. The bank taken only 15 days of time to sanction the amount after collecting the papers. I took Rs. 16.5 lakhs for the duration of 20 years, the interest rate is very lesser around 8.5% its better in the market.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 12, 2019
    • Punjab National Bank Home Loan
      "AVERAGE"
      0.5 1.0/5 "Really Bad"
      I have applied for the home loan with the PUNJAB NATIONAL BANK, they have not conformed with the fixed or floating. The documentation process was long and it took time to get the loan 15-20days. The loan amount was given with the partial, the rate of interest was higher. The duration for repaying for 20 years, the customer support is not good.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jun 11, 2019
    • DHFL Home Loan
      "Very much Need to improvement customer service "
      0.5 2.0/5 "Expected more"
      I have selected through DHL home loan customer service is not good and response .I went to home branch no responsiveness they sanction loan amount 25 lakhs and tenure period 15 years ago and rate interest 9.98 floating rate is very high . Documents submitted through executive. Foreclosure charge applicable and one time process fee 2875 and hidden charge applicable . Partial amount only received .
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 09, 2019
    • Oriental Bank of Commerce Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have selected oriental bank of commerce loan amount they sanction 28 lakhs tenure 20years and Rate of interest 8.35% ,EMI Rs 15000.There is no process fee charger customer service is good and responsive , Documents submitted through executive there is no foreclosure charger.
      Was this review helpful? 0
      , mohali
      Reviewed on Jun 09, 2019
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I hace selected loan amount 6 lakhs and tenure 20 years, EMI Rs 5000 and Rate of interest 8.50% floating one time processing there Rs 7500. Customer service is good and responsive. Documents submitting through executive There is no delay receiving loan amount disbursement.
      Was this review helpful? 1
      , thane
      Reviewed on Jun 09, 2019
    • HDFC Limited Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The experience was good and i am using the loan from last 2.5 years. The documentation process was simple and fast process to get the loan. The processing fee was there with this loan which was 5K approximately. The loan amount was good which was 5L. The rate of interest was nominal with this loan.
      Was this review helpful? 3
      , vadodara
      Reviewed on Jun 08, 2019
    • Union Bank of India Home Loan
      "GOOD BANKING"
      0.5 4.0/5 "Great!"
      The reason for getting the loan is because it is govt bank also the rate of interest was lesser when compared to the others. They have given with the 8.6% which was satisfactory. The documentation process was simple and quick to get the loan. The loan amount was good. The customer support and responsiveness is good, there is no option of getting the service through the online.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2019
    • Bank of Baroda Home Loan
      "Service should be improved"
      0.5 2.0/5 "Expected more"
      Bank of Baroda taken long time to process my home loan application. But the best thing the interest rate is good. They have fulfilled my need by approving the entire amount , the processing fee was there it was minimal. But I suggest the service needs lots of improvement because they collected documents five times from me it was really disappointed.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jun 08, 2019
    • Indiabulls Home Loan
      "NOT SATISFIED"
      0.5 1.0/5 "Really Bad"
      I have taken the loan with the INDIABULLS home loan and changed to another bank because of rate of interest was higher than others and used for 5 years this loan. The documentation process was simple and easy to the loan but the process was not good.
      Was this review helpful? 0
      , indore
      Reviewed on Jun 08, 2019
    • Bajaj Finserv Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have taken the home loan with the BAJAJ FINSERV where the loan amount given with this bank was good and i have done the balance transfer with this loan. The documentation process was simple and easy to get the loan. The rate of interest given with this bank was good.
      Was this review helpful? 1
      , indore
      Reviewed on Jun 08, 2019
    • andhra Bank Home Loan
      "Super Excellent "
      0.5 5.0/5 "Blown Away!"
      I have selected andhra bank home loan. I am holding saving account past 16 years ago. One of my friend recommend. The customer service is good .The sanctioned loan amount is 15 lakhs. The rate of interest is of 8.35%,. The tenure is for 20 years and the Emi is Rs 15000. The documents were submitted directly to the banker end. The customer service is good and response
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 07, 2019
    • United Bank Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The documentation process was good but for the few statement of paid loan for this loan is difficult, because that can be done through the branch. The loan amount given with this bank was good and i got the loan quick with this bank. The rate of interest was 10% approximately and it was a fixed interest.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 06, 2019
    • LIC Housing Home Loan
      "Improvement loan "
      0.5 2.0/5 "Expected more"
      I have selected LIC housing loan amount sanction 45 lakhs Tenure 15 year rate of interest is floating charger 8.65%. Documents submitted through executive. there is no delay while disbursal loan amount. Customer service is not good they didn't given clear information about home loan.
      Was this review helpful? 2
      , secunderabad
      Reviewed on Jun 06, 2019
    • IDBI Home Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      The home loan has been taken with the IDBI BANK where i am using it since from last 6 months also the documentation process was simple and smooth to get the loan. The loan amount released on partial basis and i got the loan within 30 days. The rate of interest was higher in this loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jun 04, 2019
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