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Pre sanction Documents for Home loan

Pre sanction Documents for Home loan

The application has to accompany the following documents:

  • Two Passport size photographs.
  • Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc.,
  • Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc.
  • Proof of income : Latest salary Slip showing all deductions and
    Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed.
  • Statement of Bank Account for last 12/24 months.
  • Post dated cheques for the monthly of the loan

Illustrative list of additional documents required, depending upon the type of housing project:

A. Purchase of a ready built house or land for construction of a house

  1. Copy of Sale letter/agreement.
  2. Copy of Approved Plan and Approval from the Local Authority.
  3. Copy of Sale Deed/ Title Deed of the property.
  4. Non-encumbrance report from an advocate on the bank’s panel.

B. Construction of a house or Addition / Alteration / Renovation of an Existing House:

  1. Documents listed at 2 to 4 under ‘A’ above and
  2. Estimate for construction/ addition/ alteration/ renovation from Architect.

C. Acquiring a house / flat from Development Authority

  1. Allotment letter of house /flat allotted to the borrower from the Development Authority.
  2. Demand letter from the development Authority for making payment for the allotted house / flat.

D. Acquiring a flat/house from a Co-operative Housing Society / Private Builder

  1. Copy of Share Certificate issued by the Co-operative Housing Society.
  2. Copy of the Sale Deed/Title Deed of the land allotted to or belonging to the Co-operative Housing Society/ Private Builder.
  3. Non-encumbrance certificate for the land/property of the Co-operative Housing Society/ Private Builder from an Advocate on bank’s panel.
  4. Letter regarding estimated cost of the flat/house with schedule of demand for from Co-operative Housing Society/ Private Builder.
  5. Copy of approved plan/map of the flat/ house.
  6. Certificate from the architect/Co-operative Housing Society/ Private Builder regarding current stage of construction.
  7. No Objection Certificate from Co-operative Housing Society/ Private Builder for noting of the bank’s lien on the flat/ house to be allotted.

E. Purchase of housing property on Power of Attorney basis:

  • Only a few banks finance purchase of property on Power of Attorney basis as the title of property remain the name of the seller.
  • As the housing property cannot be mortgaged to the bank as security by the borrower, alternate security(ies) is/are required to be provided.
  • Depending upon the type of property, documents from the above lists will be required.

Pre sanction Documents for Home loan

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