We all carry a fantasy to purchase our own home, where we can imagine every possible facility at our disposal. This is natural, for all down to earth purposes, all in all such fantasies making the opportunity and wellbeing of a person and henceforth, it brings a gigantic passionate bond. In any case, buying a home in India goes out of the feelings and incorporates hectic research. It is about taking the right choice among many. In spite of the fact that it may appear that all banks and lending companies are intrigued to give finance, acquiring a housing loan may be an overwhelming task.
It is vital for individuals to remember that obtaining a house is a critical finance decision for everyone. In this manner, effective and key techniques ought to be employed to arrange the funds and strike the best deal. It is imperative to be attentive of how the home loan system works and the documentations required beforehand.
Buyer’s credentials are the vital part of fulfilling the housing loan eligibility. In order to apply for a loan, you need to have these following documents. The requirements may vary for different individuals, based on their profile, location of desired property, how badly they need finance and other factors revolving around it.
For salaried individuals:
- Original proof of 3 months salary/ pay-slip of the company they are working for.
- In case the monthly income exceeds 20,000 INR, he/she has to produce a duly signed Form-16 as a certification by the employer.
- Xerox copy of the current bank account statements and pass books, clearly stating the transactions in the last six months.
- Supervisory profile if you work for a well known organization
For a self-employed businessman:
- Self attested duplicate copy of Income Tax gains in the last 3 years with the income calculations verified by a reputed chartered accountant.
- Duplicate copy of the Account sheet and Profit-loss account of the concerned individual
- The applicant should provide a short outline of the company’s Managing director
- Annual bank account statements of both personal and professional investments. This includes your present account too.
- Duplicate copy of the partnership Act
For self-employed professionals:
In addition to all of the prerequisites listed above, self-employed professionals have to produce a duplicate copy of Expert Practice certification and relevant education certificates.