To secure a home loan in India, you'll need specific key documents. Although, these requirements may vary from bank to bank depending on the purpose of the home loan you're seeking. But, to simplify this process for you, we've created an obligatory home loan checklist for 2024 , outlining all the essential documents necessary for the application.
To begin with, let’s explore the concept of a home loan briefly:-
A home loan is a secured financial option that leverages a property as collateral to facilitate the purchase of its ownership. By making consecutive payments in the form of EMIs to secure its possession, this process allows you to disburse the amount in small installments over the years instead of making a lump sum payment.
Banks, Financial Institutes, and Non-Banking Financial Companies are among the primary entities that offer home loans to individuals for purchasing residential properties.
What are the documents required to complete this Home Loan Checklist?
The home loan application checklist requires the submission of some of the crucial documents. Make sure you ensure the meticulous provision of essential documentation, encompassing Identity Proof, Property Documents, and Proof of Indian Residency.
Here’s your must-have home loan checklist for 2024:-
Property documents for home loan application checklist:-
Identity Proof (Any One):-
Residence Proof (Any One):-
Age Proof (Any One):-
Home loan documents checklist for a Salaried Individual:-
Necessary documents of the Loan Guarantor:-
Home loan documents checklist for NRIs (Non-Resident Indians):-
Home loan documents checklist for PIOs (Persons of Indian Origin):-
As discussed previously, this home loan checklist might differ based on your specific loan or the requirements of various banks, but we've included almost everything you'll likely require.
If you have all the required documents outlined in the home loan application checklist given above, then your form is ready to proceed further. Remember, a payment can wait, but your dream of a sweet home can’t!
“Owning a home is a keystone of wealth… both financial affluence and emotional security.”
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