Why Home Loan Documents are Critical for Faster Approval?
MinEmi Tip
"Organizing your documents beforehand ensures smoother verication and can secure better interest rates from lenders."
Here is a detailed comparison of the documents required for home loans from SBI, HDFC, and ICICI.
| Document Category | SBI Home Loan | HDFC Home Loan | ICICI Home Loan |
|---|---|---|---|
| Application Form | Filled & signed form with 3 passport-size photos | Completed & signed form with 3 passport-size photos | Filled & signed form with 3 passport-size photos |
| Identity Proof | PAN Card (mandatory), Passport, Aadhaar, Voter ID | PAN Card, Aadhaar, Passport, Voter ID | PAN Card, Aadhaar, Passport, Voter ID |
| Address Proof | Aadhaar, Passport, Utility Bill, Rent Agreement | Aadhaar, Passport, Utility Bill | Aadhaar, Passport, Utility Bill |
| Date of Birth Proof | PAN Card, Passport, Birth Certicate | PAN Card, Passport, Birth Certicate | PAN Card, Passport, Birth Certicate |
| Income Proof (Salaried) | 3 months’ salary slips, Form 16 (2 years), 6- month bank statement | 3 months’ salary slips, Form 16, 6-month bank statement | 3 months’ salary slips, Form 16, 6-month bank statement |
| Income Proof (SelfEmployed) | ITR (3 years), GST Certicate, Bank Statements (12 months), Business Proof | ITR (3 years), CA Audited P&L, Business Existence Proof | ITR (2 years), P&L, GST Returns (12 months) |
| Business Proof (SelfEmployed) | GST Registration, Business License, Shop Act, Company Profile | GST Registration, Business Prole, Audited Accounts | Oce Address Proof, Company MoA/AoA |
| Property Documents (New Property) | Sale Agreement, Allotment Letter, Approved Plan, Possession Certicate | Builder Buyer Agreement, Building Plan, Tax Receipts | Sale Agreement, Building Plan, Property Valuation Report |
| Property Documents (Resale) | Sale Deed, Chain of Ownership, Encumbrance Certicate | Sale Deed, Occupancy Certicate, NOC from Society | Sale Deed, Property Valuation Report |
| Processing Fee Payment | Processing fee cheque | Processing fee cheque | Processing fee cheque |
| Additional Documents | Signature verication, Property valuation report | Co-applicant KYC, Income Proof (if applicable) | Property insurance, Loan Disbursement Request |
Here's a detailed table outlining the documents needed for dierent types of applicants:
| Applicant Type | Documents Required |
|---|---|
| Salaried | 3 months’ salary slips, Form 16 (2 years), 6-month bank statement |
| Self-Employed Proprietor | ITR (3 years), GST Certicate, Business License, 12-month bank statement |
| Self-Employed Professional | CA Income Certicate, Practice License, ITR (3 years), 6- month bank statement |
| Partnership/LLP | Partnership Deed, GST Certicate, Audited Accounts, 12- month bank statement |
| Private Limited Company | MoA, AoA, ITR (3 years), Audit Reports, 12-month company bank statements |
Here is a table outlining the documents required for dierent property types when applying for a home loan:
| Property Type | Documents Required |
|---|---|
| New Property | Sale Agreement, Allotment Letter, Approved Plan, Tax Receipts |
| Resale Property | Sale Deed, Encumbrance Certicate, Occupancy Certicate, NOC from Society |
MinEmi Tip
"For resale properties, ensure the bank conducts a valuation report and veries the chain of ownership to avoid title issues."
Here's a detailed table outlining the essential documents required for a home loan application:
| Document Category | Documents Required |
|---|---|
| Property Title Proof | Sale Deed, Tax Receipts, Encumbrance Certicate |
| Income Proof | Salary Slips (3 months), ITR, Audited Prot & Loss Statement |
| Bank Details | 12-month Bank Statements, Loan Statement (for existing loans) |
| Identity Proof | Aadhaar Card, PAN Card, Passport |
| Address Proof | Utility Bills, Rental Agreement, Voter ID |
| Employment Proof | Employment Certicate, Oer Letter, Form 16 |
| Age Proof | Birth Certicate, Passport, Driver's License |
| Photographs | Passport-sized photographs (2-4 copies) |
| Signature Verication | nker’s Signature Verication Form or Signature Proof |
This table provides a comprehensive view of the documents needed for a seamless home loan application process. By ensuring these documents are ready and organized, applicants can enhance their chances of quick and successful loan approval.
The Reserve Bank of India (RBI) advises homebuyers to:
Preparing the right documents required for home loans ensures faster approvals,better terms, and seamless disbursement. By following this guide for SBI, HDFC, ICICI, and other lenders, applicants can navigate the process condently.
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