Getting a house loan approved is
nerve-wracking. One of the best ways through which you can get the loans
approved is by applying for a joint home loan. They get approved quickly because
lenders can rely on more than one person for repaying the EMIs. However, when
you apply for joint housing loans, all the members must provide home loan
documents. Here is a detailed checklist of the documents needed.
Application form
You must provide a duly filled home loan
apply document, i.e. the loan application form including the names of both the
applicants. List the primary and secondary borrowers and specify the borrowing
percentage. Moreover, you should check which combinations are applicable for
joint loans. For example, accepted combinations include husband and wife, father
and son, and two brothers. Loans cannot be applied between sisters. Also,
parents can apply for these loans with their daughters, naming them as the
primary applicant.
ID and age proofs
The basic set of documents required for home
loan are ID proofs. All joint applicants should furnish a copy of any
Government-approved ID paper along with the list of accepted documents. It
could either be PAN, Aadhaar, passport, driving license, or voter’s ID. These
documents should primarily include your birth of date and photograph.
Address proofs
Amongst the list of
documents required for home loan is the address proofs. The current address
of the applicants should be the same. Here, you must submit copies of documents
which includes your address like passport, ration card, utility bills,
insurance papers, etc.
Employment proofs
Lenders need to assess the employment
status before granting the loan. You should provide the employment proof
documents as well. Mention if you are salaried or self-employed and supporting
documents for the same. For instance, salaried employees must submit their
offer letter as employment proof, while independent professionals produce their
business license details.
Income proofs
All the applicants apply for the joint housing loans need
to furnish the copies of their income. For instance, if you apply for joint
loans with your spouse, both need to provide copies of the last three to six
months’ salary slips, copy of the ITR from last three years, form 6, and other
similar documents as mentioned by the lender. Self-employed individuals must
give their profit and loss statements, attested by CAs along with ITR
documents.
Property documents
Apart from the personal documents
required for home loan, joint applicants should provide the property
documents they seek to buy. You must have papers such as the NOC from the
builder, occupancy certificate, registered sale deed, and allotment letter, copy
of the floor/building plan, land-tax receipt, and other related documents.