//Documents that are asked for loan approval

Documents that are asked for loan approval

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