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HOME LOAN

Have you always wanted to provide a safe shelter for your loved-ones? Have you been wondering how to make your home dreams a reality? With property prices skyrocketing in the recent years, you might be thinking it’s almost impossible to own a house with your meagre income.

Millions of people have realized their home dreams with an affordable loan. You can do, too. Read on to know more.

Home loans are usually of 15-20 year term. You can slowly and steadily pay back your loan while you have a healthy earning potential. When you near your retirement age, you’ll have a solid wealth to call your own.

Essential documents

The following list is indicative. Every bank requires a specific set of documents which might vary from this list

Essential documents

The following list is indicative. Every bank requires a specific set of documents which might vary from this list.

Proof of individual’s identity (any one of the following)

  • Passport*
  • Photo PAN card
  • Defence identity card
  • Voter’s identity card
  • Driving licence
  • Photo ration card
  • Government identity card

Proof of residence (any one of the following)

  • Passport*
  • Ration card
  • Telephone (land/mobile) bill
  • Electricity bill
  • Driving licence
  • Society outgoing bill
  • Voter’s identity card
  • Life Insurance Policy

*Only Passport can be used as both Proof of individual’s identity and Proof of residence.

Proof of age (any one of the following)

  • Passport
  • Valid driving licence
  • Voter’s identity card
  • Birth certificate
  • School leaving certificate
  • LIC Policy or Premium receipt clearly indicating the applicant’s age
  • Letter from the employer stating the age of the employee†

*Applicable only for employees of select Public Limited Companies. Conditions apply.

Financial documents

Salaried individuals

  • Latest salary slip showing statutory deductions AND
  • Form 16 (Declaration from the employer giving the details of income and deductions, duly signed by an authorised signatory of the Company) OR Latest acknowledged IT returns AND
  • Bank statements for the last 6 months

Self-employed individuals / Proprietor

  • Computation of income + P&L for the last 3 years certified by a C.A. OR P&L and Balance sheet for the last 3 years certified by a C.A. AND
  • Copies of acknowledged IT returns for the last 3 years AND
  • Bank statements for the last 6 months

Partnerships (Loans will be extended in favor of partners)

  • Computation of income + P&L for the last 2 years certified by a C.A. OR P&L and balance sheet for the last 2 years certified by a C.A. AND
  • Copies of acknowledged IT returns for the last 2 years AND
  • Bank statements for the last 6 months AND
  • Partnership deed, letter of authority, Proof of office

Private Limited Companies (Loans will be extended in favor of Directors)

  • Computation of income + P&L for the last 2 years certified by a C.A. OR P&L and Balance sheet for the last 2 years certified by a C.A. AND
  • Copies of acknowledged IT returns for the last 2 years
  • Bank statements for the last 6 months
  • Memorandum and Articles of Association
  • Board resolution
  • Authority letter from all directors to accompany the application form with photographs of authorized signatories if not specified in the board resolution
  • Proof of office
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