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 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:
Verification of the applicant's present and permanent residence requires proof of address. Typical documents that are recognised as evidence of address are:
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:
The lender must confirm the property's ownership and validity before approving a home loan application. Vital property records consist of:
More financial records can be required to give a complete picture of the applicant's financial situation:
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.
The applicant must be between the age of 23-70 to qualify for a home loan.
Property records such as the sale deed, title deed, tax receipts, and authorised building plans are required to confirm legal ownership.
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.
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.
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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