- A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest to be paid with the EMI every month. The property is taken as a security by the money lending company for the Home Loan
- The property can either be commercial or personal in nature.
- When the borrower cannot pay the dues, the lender will possess all the legal rights to recover the outstanding loan amount by sale of the property in question.
Why Does a Home Loan Matter?
Home loans make buying a home a reality for people who want to own property. Getting a home loan often takes a substantial investment (closing costs, down payment, time to apply), but these upfront costs can be recouped by a homeowner over time if their property value appreciates. Given the upside potential, it’s little wonder why homeownership rates in the United States have historically averaged more than 60% since the 1950s.
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Documents Required For Applicant
- KYC Documents
- Home related documents
- Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
- Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
- Bank Statement for the last 6 months for the Savings Account & Current Account,
- Copy of either Shop & Establishment License / VAT Registration or GST registration any other mandatory license / Registration
- Copy of the Partnership Deed, Memorandum of Associations, Articles of Association (if applicable)
- Copy of Tax Deduction Certificate / Form – 16A (if applicable)
- Details of Contract (if applicable)
- Copy of Advance Tax paid / Self Assessment Tax paid challan
- Copy of Educational Qualification Certificate
- Copy of Professional Practice Certificate
- Salary Certificate (in case of doctors having salaried income)
Documents Valid As Address Proof
- Rashan Card
- Electricity Bill
- Mobile Bill
- Land Line Bill
- Passport
- Mool Niwas Patra
- House Tax Slip
- Water Bill
- Gas Bill
- Aadhaar Card
Documents Valid As ID Proof
- Pan Card ( Compulsory )
- Aadhaar Card ( Compulsory )