Check out documents required for a Home Loan in Mumbai
When setting out to become a homeowner, the right home loan can help you bridge the distance between you and the home of your dreams. So before you go seeking the ideal home loan for you, make sure you have all the right pieces in place by checking the documents required. Here is a list of the documents required to avail a home loan in Mumbai.
Documents Required for a Home Loan
The exact documents required depends on the lender as well as other factors such as the occupation of the applicant. However, there are certain home loan documents that tend to remain common across lenders and applicants. So, if you are specifically seeking a home loan in Mumbai, here are a few documents that might be worth keeping handy:
Proof of Identification
Identification proofs are typically a requirement in applications of all kinds. You can submit this in the form of a PAN card, Aadhaar card etc.
Proof of Age
Since lenders include specific age limits when listing out their home loan eligibility criteria, a document indicating your official age would also be required. This can be in the form of IDs such as PAN cards, a birth certificate or marksheets.
Proof of Address
This is yet another document typically required in most other applications as well. It can be in the form of a passport, driving license etc.
Income Documents for Salaried Individuals:
To assure a lender of their repayment capability, salaried individuals must submit income proofs such as Form 16, payslips of 2-3 months or Income Tax returns.
Income Documents for Self-Employed Individuals:
Like salaried individuals, self-employed professionals must also submit income proofs with a different set of home loan documents. These include balance sheets, business license, proof of business address and so on.
Having these documents handy and organized can make your application process much easier and smoother. However, before collecting these home loan documents, make sure that you meet the eligibility criteria set by the lender. Moreover, it is also useful to make the most of the home loan EMI calculator provided by the lender to help you determine the ideal installment amount to pay for years to come.