by Sukunj Realty 
Buying a home is a big financial step that needs careful planning. Many people use home loans to help pay for their new homes. This guide will explain what a home loan is, what documents you need, and how home loans compare to paying in full with cash.
Understanding Home Loans
A home loan is money you borrow from a bank or lender to buy a house. The bank pays the seller, and you pay back the bank in monthly payments called EMIs. If you don’t repay the loan, the bank can take your house as it is used as collateral.
Essential Documents for a Home Loan
To make your home loan application go smoothly, have these documents ready:
General Documents for All Applicants:
– Loan application form
– Three passport-sized photos
– Proof of identity (like a passport or driver’s license)
– Proof of residence (like a utility bill)
– Bank statements or passbook for the last six months
– Signature verification from your bank
– Statements of your assets and debts
– Detailed property documents
Additional Documents for Salaried Individuals:
– Original salary certificate from your employer
– Form 16 or IT returns for the last two years
Additional Documents for Self-Employed Professionals:
– IT returns or assessment orders for the last three years
– Proof of advance tax payments
– Proof of business address
Additional Documents for Self-Employed Businessmen:
– IT returns or assessment orders for the last three years
– Proof of advance tax payments
Documents for NRI Applicants:
– KYC documents
– Salary certificate from your employer
– Last 3-6 months’ salary slips
– Latest IT returns (if applicable)
– Business documents (for self-employed NRIs)
– Copy of passport with residence visa
– Proof of employment
– Property documents with cost estimates from an Indian architect or engineer
– Income documents attested by embassy officials (if needed)
– Bank statements from overseas for the last six months
– Last six months’ NRO/NRE bank statements
– Power of Attorney (if you are not in the country)
Getting a home loan requires careful preparation and the right documents. By understanding what you need and having everything ready, you can make the process easier and get closer to owning your dream home.
For Loan Consultation, Feel Free to Call at 7880001686 or raise enquiry at www.sukunj.com
