A home loan is a high-value loan that can last for two or
more decades. As such, lenders need to ensure that their investment is fruitful
and that borrowers can repay the loan. One group that lenders generally prefer
when it comes to home loans is that of salaried individuals. People who can
show stable employment for three years or more, with a reputed company have a
better chance of getting their home loan approved than any other types of
borrowers. However, salaried employees must provide the following home loan
documents to get their loan approved.
Duly filled loan application form
The first document that salaried employees applying for home
loans need to submit is the home loan apply document, also known as the loan
application form. The application form is a multiple-page document in which you
have to provide your details such as your name, address, employment status,
monthly and annual income, the property you wish to purchase etc. You also have
to attest your photograph on this document.
Identity and age proof documents
Next in the list of documents required for home loan is your
ID and age-proof certificate. This is one single document featuring your
photograph and your date of birth mentioned on it. All lenders accept
government recognized documents such as PAN card, Aadhaar Card, Passport,
Voter’s ID and Driving License documents which feature both, your photograph
and your date of birth.
Address proof documents
All salaried applicants must provide a document featuring
their address proof as well. You have to provide your permanent (and temporary
address, if applicable) address proof document. The lender provides a detailed
list of documents accepted as address proof which include, Aadhaar, Passport,
Voter’s ID, driving license, bank passbook, MTNL/BSNL bills, Electricity bills,
Gas bills, Ration Card etc.
Employment proof documents
You need to prove your employment status proof. As such,
your employment proof documents are among essential documents required for home
loan. You must submit your offer letter, stating your designation and your
monthly income. Moreover, you may be required to provide a photocopy of your
official ID card, if the lender insists. Some lenders may also ask for a recent
letter drafted on the office letterhead, proving your employment with the
company employing you.
Income proof documents
Lenders have specific requirements when it comes to income.
You must be able to show that you are drawing a specific income, as per the
lender’s eligibility criteria. Most lenders don’t provide home loans to
individuals drawing a net monthly income below ₹25,000. The primary income
proof documents you need to submit to get your home loan approved include your
last three months’ salary slips, your filed income tax returns of the previous
three years, Form 16, promotion or increment letter, etc.
Property documents
The final set of documents in the list of documents required
for housing loan
includes the property documents. You must ensure that the property you wish to
purchase through the loan has all clear documents. You are required to submit
the following, property-specific documents:
The NOC (No objection certificate)
The registered sales deed
The original, allotment letter provided by the builder
The occupancy certificate (for ready-to-move-in properties)
Receipts of paid property taxes
An approved copy of the building and floor plan
Final word: The loan approval chances of salaried
employees are higher than most other borrowers. However, to ensure your loan is
sanctioned you must submit all home loan documents as required by your lender.
Submitting all the required documents helps expedite the home loan process.
