SEBI registered Investment advisor (RIA) with Registration number – INA 000000342.

Rising real estate values and tax benefits attached, attract most of the home buyers to a housing loan. With reduction in interest rates and a slowdown in the real estate prices, many are planning for a housing loan. The Lender will insist on certain documents before releasing the housing loan. But what are the documents required for Housing Loan?

The following chart gives details of documents required for Housing Loan for different class of applicants.

                                            Documents for Housing Loan

Documents for Housing Loan

If you apply to the bank, where you have an account, the process will be a bit easier, because they have the details of your transactions. You can apply online and they will offer you a pre approved loan with some conditions.

Salaried Class enjoys the least documentation for Housing Loan. Others have to give more documents to establish their creditworthiness and repayment capacity.

Documents for Housing Loan – NRI

Non Residents are expected to submit peculiar documents for Housing Loan as given below:

  1. Salary Certificate from the Employer
  2. Passport Copy with valid Residence Visa details
  3. Pay Slips for the last 3 months. (If variable components like overtime & incentives are reflected, then six months’ pay slips are required)
  4. Documents showing currently in business like Trade Licence, Registered Power of Attorney or Agreement with Sponsor etc for self employed persons
  5. Work Permit, Labour Contract, Identity Card or any other proof of work or employment issued by concerned Govt. authorities
  6. Copy of all Overseas Bank Statements for the last 6 months
  7. Copy of NRE / NRO Bank Statement for the last 6 months
  8. Power of Attorney (POA), if applicant is not available in India for signing of documents

Housing Loan – A boon for home buyers

With sky rocketing prices, most of us require a housing loan, to buy our dream home. The income tax benefits are making housing loan all the more attractive. Being a secured loan, the lenders are much interested in this business. You will get around 80% of the value of the house as housing loan, if you have the repayment capacity and a good credit score.

If you know what the documents for Housing Loan are, it can speed up the loan releasing process.

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