Documentation required for processing a loan depends on the financial institution from where the loan in being processed, the type of loan being processed and the profile of the customer who want to avail the loan
Financial Institutions usually initiate and evaluate various checks basis the documents provided by the customer. Usually KYC documents help in ascertaining the credit history and stability of the customer, Income documents help in determining the source of income and financial eligibility of the customer and credit reports like CIBIL, CRIF, Equifax etc help in determining the intention and credit worthiness of the customer.
There are a few basic documents required for processing a Home Loan. These include:
1. KYC Documents
- A duly filled application form provided by the financial institution tot he customer (Offline/Online)
- Documents for Proof of Identity- PAN Card, Voter's Identity Card, Passport, Aadhaar Card, Driver's License or as permissible by the lender
- Documents for Proof of address- Voter's Identity Card/Passport/Aadhaar Card/Driver's License/NREGA Card or as permissible by the lender
2. Income Documents
a) Salaried Customers
- Employment Identity Card
- Latest 2 Years ITRs/Form 16 (Both Part A & B Required)
- Latest 3 Months Salary Slip/Salary Certificate
- Latest 1 Year Salary Account Statement in .pdf Format
b) Self Employed Professionals
- Copy of Degree
- Proof of Address for Work (Lawyer Chamber Details/CA office address proof/Doctor's address proof for practice)
- Latest 1 Year Bank Statement in .pdf format where business income/professional income is received
- Latest 3 Years ITR Acknowledgement with Computation
- Form 26as (Latest 3 Years along with current financial year Form 26AS)
c) Self Employed Non Professionals
c.1) Proprietorship
- PAN Card of Proprietor
- 12 Months Bank Statement in .pdf format for the firm
- 12 Months Savings Account Statement in .pdf format
- GST Registration Certificate
- GST Returns 3B- For Last 1 Year
- Latest 3 Years ITR Acknowledgement with Computation
- Audited Balance Sheet and Profit and Loss statements along with annexures and notes to account for last 3 year
c.2) Partnership/LLP
- PAN Card of all the Partners
- PAN Card of the Partnership Firm
- Partnership Deed
- 12 Months Bank Statement in .pdf format for the partnership firm
- 12 Months Savings Account Statement of the partner applying for the loan in .pdf format
- GST Registration Certificate
- GST Returns 3B- For Last 1 Year
- Latest 3 Years ITR Acknowledgement with Computation for partner applying for the loan
- Latest 3 Years ITR Acknowledgement with Computation for partnership firm
- Audited Balance Sheet and Profit and Loss statements along with annexures and notes to account for the partnership firm for last 3 year
- Tax Audit Report for last 3 Financial Years
c.3) Private Limited
- PAN Card of all the Directors
- PAN Card of the Company
- MOA and AOA
- Latest CA Attested List of Directors and Shareholders
- 12 Months Bank Statement in .pdf format for the Company
- 12 Months Savings Account Statement of the director applying for the loan in .pdf format
- GST Registration Certificate
- GST Returns 3B- For Last 1 Year
- Latest 3 Years ITR Acknowledgement with Computation for director applying for the loan
- Latest 3 Years ITR Acknowledgement with Computation for the Company
- Audited Balance Sheet and Profit and Loss statements along with annexures and notes to account for the Company for last 3 year
- Tax Audit Report for last 3 Financial Years
- Director's Report for last 3 Financial Years
3. Additional Documents
- Financial Institutions generally require a Processing Fees cheque at the time of initiation of the loan.
- Applicant has to provide repayment schedule and 12 month repayment banking in .pdf format for all the running loans in name of the individual or the firm/company.
- In Balance Transfer Cases, Sanction Letter along with Repayment Schedule, Statement of Account, Repayment Bank Statement for last 12 Month in .pdf Format, List of Documents issued by Financial Institution, Foreclosure Letter issued by Financial Institution (*Required Post Sanction).
- Complete chain of property documents along with Sanction Map approved by requisite authority- Required upfront in cases BT Cases or when property is already identified- ONLY APPLICABLE IN CASE OF HOME LOAN, LOAN AGAINST PROPERTY AND OTHER MORTGAGE BACKED LOANS