As we all know, one of the main function of Commercial Bank is giving loans and advances to their customers, in which a major share goes as Home Loan product that comes under Personal Banking. Home Loan is considered as a secured, low risk loan to all banks because it compulsorily requires collateral or immovable assets as a security to loan amount. Here is the comprehensive list of documentation for Home Loan takers. Check this Home Loan Document List and keep this listed documents ready with you prior obtaining your loan. This Home Loan Document List is applicable not only to SBI but all other banks seeks more or less same documentation.
List of Housing Loan / Home Loan Documents Applicable to All Applicants:
- Completed Home Loan / Housing Loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card / Passport / Driving license / IT PAN card)
- Proof of residence (photo copies of recent Telephone Bill / Electricity Bill / Property tax receipt / Passport / Voters ID card)
- Proof of business address for non-salaried individuals
- Statement of Bank Account / Pass Book for last six months
- Signature identification from present bankers
- Personal Assets and Liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identify (photo copies of Voters ID card / Passport / Driving license / IT PAN card)
- Proof of residence (photo copies of recent Telephone Bill / Electricity Bill / Property tax receipt / Passport / Voters ID card)
- Proof of business address for non-salaried individuals
- Signature identification from present bankers
Additional documents required for salaried persons:
- Original Salary Certificate from employer
- TDS Certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Department
Additional documents required for Professionals / self- employed / other IT assesses:
- Acknowledged copies of three years IT returns / Assessment Orders
- Photocopies of challans evidencing payment of Advance Income Tax
List of Housing Loan / Home Loan Documents Applicable to NRI Applicants:
- Completed Loan application
- Employee identity card issued by the Employer
- Passport and page containing valid Visa stamping
- PAN Card or Aadhaar Card or Driving Licence
- Valid proof of residence or Electricity / Telephone bills
- Valid work permit
- Appointment letter / work contract
- Salary Certificate or Salary Slips for the last 6 months
- Statement of overseas bank account for the last six months which reflect credit of salary, savings etc.
- Equifax report / Tax Returns / Income Tax Returns for 2 years
- Email address of Employer's HR head
- Company profile
- Power of Attorney, if applicable, in Bank standard format duly stamped and notarized / attested by Indian Embassy / Consulate
- If on departure from India, last drawn Indian salary slip for 3 months, 6 months bank statement
Types of SBI Home Loan / Housing Loan
- Home Purchase Loan: It is the most common type of Home Loan taken for purchasing a new residential property or an old house from its previous owner.
- Home Improvement Loan: Home improvement loans are given for executing repair and renovation work at home.
- Home Construction Loan: These loans are sanctioned to construct a house on a piece of land you have already purchased. The loan approval and application process for these loans is somewhat different from the other commonly available home loans.
- Home Extension Loan: Home extension loans are offered for expanding or extending an existing house. To cite a few examples, addition of an extra room, a floor etc.
- Land Purchase Loan: This type of loan is granted for the purchase of a plot of land for both residential or investment purposes.
- Home Conversion Loans: These loans are available for people who have already purchased a house by taking a home loan but would now want to buy and move to another house. With these loans, they can fund the purchase of the new house by transferring the current loan to the new house.
- Balance Transfer Loan: These loans are availed to transfer one's home loan from one bank to another. It is usually done to repay the remaining amount of loan at lower interest rates or when a customer is unhappy with the services provided by his existing home loan provider and wants to switch to a different bank.
- NRI Home loans: These are specialized loans, structured to suit the requirements of NRI who wish to build or buy a home in India.
- Loan against Property (LAP): These loans are given or disbursed against the mortgage of a property.
