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Property Documents Required for a Home Loan

Updated: July 04, 2022
Property Documents Required for a Home Loan

Proper documentation is key to the successful approval of any loan application, and when it comes to a home loan, its significance increases.

Therefore, the lender approves home loans for only those applicants who have all the property documents and meet all the eligibility criteria.

Let’s look at the complete list of property documents required for a housing loan.

Property Documents Required for Home Loan

Two sets of documents are required in the home loan documentation process- one is related to your property, and the second is your regular KYC and financials to establish your identity, repayment capacity and creditworthiness.

The property documents list includes:

If you are buying a house property directly from a builder, the following are the legal documents required for purchase of property:

  • Sales agreement: A sales agreement is nothing but a written agreement between the buyer and seller of the house property, containing all the details of the property and payment schedule.
  • Sale deed: Once the property is handed over to the buyer, the sale deed happens. It is the final and most important piece of home loan property documents. It proves the absolute ownership of the home buyer. Without this document, it is impossible to get a home loan.
  • NOC from the housing society: This document ensures, there is no further objection from the builder or apartment association regarding your home allotment and ownership.
  • Possession or occupancy certificate: It signifies that the construction of the property is complete and the buyer has the access to the property to live in it.
  • Latest tax receipts of the property and land: This piece of document verifies the legal status of the property and helps in a quick approval of the home loan.
  • Payment receipt: The down payment you have to book the property and all the payment receipts issued by the builder.

If you are taking a home construction loan, the following property documents are required:

  • Original sale deed of the land: It is the legal document that proves the absolute ownership of the land to the purchaser.
  • Latest tax receipt and mutation copy of land: Both documents are important because it proves the transfer of title in the records of the local municipal body.
  • Sanction house plan: You should provide a copy of the valid sanctioned house plan issued by the local municipal body.
  • Estimate: You should provide a proper and detailed estimate from a qualified civil engineer of the expenses for constructing the house.

These are the basic documents required to apply for a home loan, however, you should check the complete property documents checklist with the lender before applying for a property loan. Providing all the documents ensures that your home loan application is approved quickly at favorable terms and you don’t have to worry about financing. Also, ensure you buy the property from a reputed and established builder for a hassle-free home buying experience. Most importantly, use a home loan eligibility calculator to get an estimate of how much loan you can get. The rest of the amount will need to be arranged by you as down payment. Ensure that you have the required funds before applying.

Other Mandatory Documents Required for Home Loan

  • Duly filled application form
  • Passport size photograph
  • PAN Card
  • Address Proof
  • Last three months' salary slip
  • Latest Form 16
  • Last six months' savings bank account statement

If you are a self-employed professional, you need to provide all the legal documents related to your business, financial statement, bank account statement, etc.

Bottom Line

Although the entire home loan documentation process looks extensive, it is key to getting a sanction on the home loan application. Therefore, while applying for a home loan, ensure you provide all the property loan documents as requested by the lender and your property should be free from any forms of legal dispute and litigations.

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