Along with all legal documents relating to the house that you would wish to buy, banks will also ask you to submit
- Identity proof
- Residence Proof
- Latest salary slip (authenticated by the employer and self attested for employees )
- For business persons/ self-employed: Form 16 and last 6 months bank statements / balance sheet, (as applicable).
- The completed application form along with your photograph.
- Loan applications form would give a checklist of documents to be attached with the application.
RBI advices you not be in a hurry to seal the deal quickly and recommends-
- To discuss and seek more information on any waivers in terms and conditions provided by the commercial bank in this regard.
- For example; some banks insist on submission of Life Insurance policies of the borrower/ guarantor equal to the loan amount assigned in favor of the commercial bank.
- There are usually amount ceilings for this condition which can also be waived by appropriate authority.
As is always recommended a careful read of the fine print of the bank’s scheme carefully and discussing any doubts you have is a very good practice for you to get a safe and appropriate for you deal.
This information is as provided by the RBI