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

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  • 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

    • HDFC Limited Home Loan
      "HDFC Home Loan - Kochi Branch- Worst Experience"
      0.5 0.5/5 "Unacceptable"
      HDFC provides the worst customer care ever. I had tried applying for a home loan from them and it is been more than 4 months and still the process has not been completed. Called them up multiple times from UK but very bad response. They showed much eager to obtain 12,000Rs from me for processing fee but no amount of effort was put forth from them. The manager nor the executive mentioned about a Power of attorney/ Notary service, only after me inquiring with my friends who have taken similar loans, I came to know about these mandatory documents for NRI. Again Mr.Abhilash and Mr.AkhilRaj acted as if it was my issue and they were not bothered. I sent all the documents to them via mail from UK 3 weeks back and till date they didn't respond whether they have received it or not. I called them everyday from UK waiting my time, energy and money. The anxiety they showed towards 12,000rs processing fee got over once I sent them the cash. My registration is not completed. For nearly 5 months, I
      Was this review helpful? 0
      , kochi
      Reviewed on Jan 20, 2020
    • review
      review Home Loan
      "Need to decrease the rate of interest"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from REPCO HOME FINANCE and the loan amount was Rs. 13.25L. The rate of interest is 9.5% which is nominal and the tenure period they given for 20 years and with the EMI of 12450. I receive this loan within 25 days. Earlier i was applied through onlne , they asking heavy documents, so i applied directly through bank. Documentation was simple, i have given only address proof and salary slip.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jan 18, 2020
    • HDFC Limited Home Loan
      "prompt app based sercice."
      0.5 3.0/5 "Satisfactory"
      theybhelped me transfer my loan. they r much focussed on small documents and delayed due to it but deliveredat last. got my emi reduced by 3000/- approx. the agent concerned was verybhelpful and collected all details from my home. it was actually home based home loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 18, 2020
    • SBI Home Loan
      "Easily accessible with less documents"
      0.5 4.0/5 "Great!"
      I have got a pre-approved home loan from SBI and they have given me a offer like that their interest rate is starting from 7% but they have provided me a interest rate 8.25%. I had applied the loan amount of Rs. 35 lakhs with the duration of 25 years. I heard that interest rates are low so i approached with them. I had a online contact number specially for my home loan so they directly approached my home. They are asking very less of documentation like current residential address, last 3 months payslip, my job offer letter. They have given me a link also to process the loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 18, 2020
    • Karnataka Bank Home Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through Karnataka Bank.The rate of interest was 8.37% it was very less and there was no processing fee.This loan was sanctioned within 20 days .They have collected few documents like id proof address proof and income proof only since have salary account here.
      Was this review helpful? 1
      , surat
      Reviewed on Jan 16, 2020
    • Axis Bank Home Loan
      "Interest rate should be low"
      0.5 3.0/5 "Satisfactory"
      Axis bank customer care people offered me a home loan in a proper manner and i got the loan very easily so that i have selected the Axis bank for my home loan. I bought the loan amount of Rs. 3 lakhs and the offered interest rate was 13%. They do have a part payment and pre-closure facility without any additional charges. Documentation process was very simple and easy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2020
    • ICICI Bank Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have availed home loan directly through ICICI Bank .The rate of interest and the processing fee was very less.This loan is still active and got the loan amount on time without any delay.I have just uploaded the documents throuhg online .I am really satisfied with the service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 13, 2020
    • HDFC Limited Home Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan through HDFC in the year of 2014.The rate of interest was very nominal and have processed due to my requirements.The rate of interest was 10.25% and the EMI of 22210 and there is a no processing fee. Documentation process was simple, executive collected the documents.
      Was this review helpful? 1
      , thane
      Reviewed on Jan 12, 2020
    • Axis Bank Home Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      I took the home loan from Axis bank. Customer care response was good and the executive came to my place to collect the documents and they have verified everything. They have sanctioned the loan in 15 days of time. Overall, it was a hassle free process.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 31, 2019
    • Axis Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through Axis Bank.This loan is still active, the rate of interest and the processing fee was nominal only.I have submitted the required documents through the agent .The process was hassle free and the process was very smooth, got the loan amount without any delay.
      Was this review helpful? 4
      , thane
      Reviewed on Dec 30, 2019
    • Indiabulls Home Loan
      "Pathetic service. Never ever recommend "
      0.5 1.0/5 "Really Bad"
      Pathetic home loan experience with Indiabulls finance ltd. Bad branch customer service. Delays in disbursements. Forced home loan insurance. Higher interest rates earlier 8.5 and within 6months its 9.15. No timely response, knowledge less staff. Complete careless behaviour for PMAY. Negligence of proper documents proof for PMAY. Marks property as own without checking with customer. Frustrating
      Was this review helpful? 9
      , mumbai
      Reviewed on Dec 28, 2019
    • Indiabulls Home Loan
      "Kambli"
      0.5 0.5/5 "Unacceptable"
      Pathetic home loan experience with Indiabulls finance ltd. Bad branch customer service. Delays in disbursements. Forced home loan insurance. Higher interest rates. No timely response, knowledge less staff. Complete careless behaviour for PMAY. Negligence of proper documents proof for PMAY. Marks property as own without checking with customer. Frustrating
      Was this review helpful? 6
      , mumbai
      Reviewed on Dec 28, 2019
    • HDFC Limited Home Loan
      "Easy to apply the loan "
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through HDFC LIMITED.The rate of interest and the processing fee was quite nominal. This loan was sanctioned within 12 working days loan is still active and i have submitted the required documents as well .If EMI is paid on delay basis there will not be extra charges and there is no cheque bounces till date.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 27, 2019
    • Standard Chartered Bank Home Loan
      "Wow factor "
      0.5 5.0/5 "Blown Away!"
      I had a home loan from Standard chartered bank and i have closed it already. Some years back, this was my first home loan, i got consulted by my colleague because we both invested in the same time for my home and i didn't do any market search regarding the home loan. During the period of taking the loan, they had a option of fixed interest rates. Since it was in a hurry for my second home loan, i have sent a documents through mail, but no one responded me properly even though i have done a proper follow up. Nobody called me regarding the loan offer so i dropped it even though i was happy about it.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 18, 2019
    • HDFC Limited Home Loan
      "Very Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I took the Home loan from HDFC Limited because the builder has referred me. They have sanctioned me a loan in 3 months. I have got the loan amount of Rs. 22 lakhs for that i have chosen the tenure period of 18 years. Documentation process was quite smooth. I do not have any idea regarding the part payment facility.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 17, 2019
    • LIC Housing Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through LIC Housing Finance .The rate of interest and the processing fee was quite nominal .This loan was sanctioned on exact time frame without any delay.This loan is still active and i have submitted the required documents as well .If EMI is paid on delay basis there will be extra charges.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 10, 2019
    • ICICI Bank Home Loan
      "Instant loan approval"
      0.5 5.0/5 "Blown Away!"
      I had applied for a home loan with ICICI Bank. They have taken my documentation and also completed the verification as well. The loan amount was Rs. 8.75 lakhs and the rate of interest was 8.6% i am happy with the interest.I received this loan instantly and i applied this loan through online channel.There is no pre closure charges.
      Was this review helpful? 1
      , jaipur
      Reviewed on Dec 09, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan directly through HDFC LTD .The loan amount was sanctioned on time without any delay .The agent shared all the details about the loan process ,I have submitted the required documents on time ,This loan is still active and there was difficulties faced so far .The loan tenure is for 5 years ,i have completed 1 year successfully and need to pay EMI for another 4 years.
      Was this review helpful? 4
      , nasik
      Reviewed on Dec 07, 2019
    • HDFC Limited Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through HDFC LTD .The rate of interest was 8.25% it was nominal and all the details aboput the loan process was clearly explained by the agent .I have submitted the documents through the agent.I have got the loan amount sanctioned on time .I am satisfied with the service so far .
      Was this review helpful? 3
      , thiruvananthapuram
      Reviewed on Dec 05, 2019
    • HDFC Limited Home Loan
      "Need to decrease the rate of interest"
      0.5 5.0/5 "Blown Away!"
      I had applied for a home loan with HDFC Limited. The loan amount was Rs. 22,00,000 and the rate of interest was 8% when i was applied , but now it increased to 9.4% need to work in rate of interest. I am paying Emi monthly Rs. 18,500 and the tenure was 18 years. They have taken my documentation and also completed the verification as well executive supported me very nicely.
      Was this review helpful? 4
      , coimbatore
      Reviewed on Nov 29, 2019
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