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.
Download Here: Home Loan Documents
Some of the usual documents admitted as KYC are mentioned below:
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.
You can avail a home loan for a minimum tenure of five years and a maximum of thirty years.
There are various ways through which you can reduce your home loan EMI. You can opt for a higher down payment or choose a longer repayment tenure. You can also reduce your EMI if you can negotiate with your bank, and it is always recommended you compare home loan plans before availing one for yourself.
Aadhaar may not be mandatory but it is recommended you have an Aadhaar since it can work as a proof of address and identity.
Yes,you can pay more than the EMI. While your principal outstanding will not reduce,your interest will surely get lower.
The documents you will have to submit for home loan transfer are proof of identity and address, income proof and banking details, proof of education, proof of signature, and the application form stating the transfer of the home loan.
Yes, partial payment is allowed in home loan.
No, it is not compulsory to take insurance for a home loan.
The formula to calculate EMI is EMI = P × r × (1 + r)n/((1 + r)n - 1).
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