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Eligibility Criteria & Documents Required for Home Loan

Embarking on the journey to homeownership begins with understanding the documents required for Home Loan. By preparing your Home Loan documents meticulously, you set the stage for a straightforward and efficient loan application process.

Eligibility Criteria for Home Loans

Salaried Individuals eligible for Home Loans

For salaried individuals, securing a Home Loan requires a stable employment history, typically within government sectors or reputed companies.
Applicants must be over 21 and under 65 years or the age of retirement by the loan’s end.
Ensure all required documents for the home loan, including employment verification and financial stability proofs, are thoroughly checked, as they are key to a successful application.

Professionals eligible for Home Loans

Professional applicants, such as doctors, lawyers, chartered accountants, or management consultants etc., are welcome to apply for a Home Loan.
The age limit is between 21 and 65 years.
The Home Loan documents list extends to professional qualifications and proof of practice for these applicants to ensure credibility and a reliable repayment structure.

Self-employed Individuals eligible for Home Loan

Self-employed business owners and entrepreneurs looking to invest in property must ensure comprehensive documents required for a Home Loan application, showcasing consistent income through tax returns.
Eligibility depends on being over 21 years at loan initiation and under 65 years at loan closure, with a strong financial record to support the application.

Documents Required for Home Loans

When applying for a Home Loan, having all the necessary documents in place is crucial. You will need:

Proof of identity: PAN card, passport, voter ID, or Aadhaar card.
Proof of address: Utility bills, Aadhaar, passport.
Proof of income:
- Salaried: Last 3 months' salary slips, Form 16.
- Self-employed: Income tax returns (ITR), bank statements (6 months).
Property documents: Sale agreement, title deed, approved building plan.
Employment details: Employment certificate, income tax returns (ITR).

Home Loan Borrowing Limits

The minimum Home Loan amount starts at ₹3 lakh.

Submit the documents listed below and get a Home Loan in 5 days!

Go through the Home Loan documents checklist to ensure a smooth and speedy sanction:

Document Category	For Salaried Individuals	For Self-Employed Individuals	For Partners/Directors in Firms
Mandatory Documents	Application Form, PAN Card	Application Form, PAN Card	Application Form, PAN Card
Proof of Identity	Passport, Aadhaar Card, Driving License, Voter ID, Govt Employee ID	Passport, Aadhaar Card, Driving License, Voter ID, Govt Employee ID	Passport, Aadhaar Card, Driving License, Voter ID, Govt Employee ID
Proof of Address	Aadhaar Card, Voter ID, Driving License, Govt Employee ID, Utility Bills	Aadhaar Card, Voter ID, Driving License, Govt Employee ID, Utility Bills	Aadhaar Card, Voter ID, Driving License, Govt Employee ID, Utility Bills
Date of Birth Proof	PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet	PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet	PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet
Signature Proof	Passport, PAN Card, Banker's Verification, Notarised Affidavit	Passport, PAN Card, Banker's Verification, Notarised Affidavit	Passport, PAN Card, Banker's Verification, Notarised Affidavit
Other Important Documents and Checks	- Aadhaar card is mandatory - PAN card - Passport-size photograph - Proof of Residence for all individuals	- Aadhaar card is mandatory - PAN card - Passport-size photograph - Proof of Residence for all individuals	- Aadhaar card is mandatory - PAN card - Passport-size photograph - Proof of Residence for all individuals

Proof of Income for Home Loans

Based on the borrower the proof of income varies as follows:

For Salaried Individuals:

3 months' pay slip
6 months' pay slip with bonus
6 months bank statements
2 yrs Form 16
3-month job appointment letter
Appointment letter/contract letter
Continuous Discharge Certificate
Overseas credit report
Valid visa/copy/OCI card
Passport copy
POA details

For Self-employed Individuals:

2 yrs ITR with Computation of Income
P&L, Balance Sheet with CA Seal and Sign
Tax Audit Report (if Gross Turnover exceeds ₹1 Cr or Gross Receipts exceed ₹25 Lakh)
6 months bank statements
ITR filings with digital sign
CPC and tax paid challan

Documents to be submitted before loan disbursement

We ensures a secure and transparent loan disbursement process, necessitating the submission of specific documents and adherence to certain checks and controls. Below is list of the essential documents required for Home Loan:

Document Type	Required Documentation and Checks
Loan Agreement and Annexures	Loan agreement according to product type: Filled, signed & stamped annexures MCLR consent letter, schedule of loan agreement, List of Documents (LOD) Disbursement request letter, FRG GPA document for NRIs, indemnity for under-construction projects, guarantor agreement (if applicable) Authorization of any alterations by applicants
NACH/SI and Security Cheques	NACH/SI mandate with a signed cancelled cheque matching the A/C holder's name SPDC, Post-dated cheques for EMI, one undated cheque with blank amount, one for PEMI amount
Loan Cover/Insurance Details	Mandatory property insurance application form General and life insurance application forms (if applicable)
Processing Fee/Equitable Mortgage Cheques	Processing fee cheque Equitable mortgage charges' stamping charges favouring "To which ever bank you are applying A/C SERVICE CHARGES"
Property Documents	As per transaction type and bank's policy For balance transfers: Previous financier's list of documents, latest loan A/C statement, existing loan details, Axis Bank format annexures
Own Contribution Receipts	Receipts of own contribution Bank statement showing debit of own contribution
Sanction Letter	Accepted sanction letter signed by all applicants or power of attorney Fulfillment of all sanction conditions
TDS	TDS challan & bank statement if paid by the applicant Undertaking cum indemnity to deduct TDS if not paid by the applicant
P&L Documents	Financial documents like audited balance sheets, CA certificates, invoices for investments GST registration certificate For LAP cases: P&L Annexures
Other Documents	Letter for EMI options in partly disbursed case Dual name affidavit, PMAY affidavit Amenities agreement signed by 3rd parties End-use letter for Top Up/ LAP/ LAP top-up cases