Below mentioned are the list of documents that are necessary for a salaried individual when applying for a loan against property. You need to fulfill the criteria set by the Bank/NBFC. The list below is generic in nature and hence almost all the Banks/NBFCs follow this list.
- The applicant must be aged between 24 to 60 years of age.
- The applicant must be a salaried employee in a private company, an MNC or the public sector.
- The applicant must compulsorily be a resident of India.
Identity proof requirements:
- Any one of PAN Card/ Aadhar Card/ Voters ID/ Driver’s license/ Letter from recognized public authority or public servant verifying the identity of the customer with photograph (this must not be more than 30 days old)
Address proof requirements:
- Any one of Aadhar Card/Ration Card/Voters ID/Electricity Bill/Telephone Bill/ Letter from a recognized public authority or public servant verifying the identity and residence of the customer / Post office saving bank account statement/ Pension or family pension payment orders (PPOs) issued to retired employees by Govt. departments or Public Sector Undertakings (This is only to be presented if they contain the address)
Residency proof requirements:
- Any one from property documents/sale deed/Occupancy certificate /Completion certificate/ maintenance bill/ electricity bill/ Municipal or property tax receipts.
Job security requirements:
- Any one from Job continuity proof in the form of Current Employment Certificate/ Current Job Appointment letter / Experience Certificate (including your previous job’s experience certificate or appointment and relieving letter)
- The applicant must also provide their Bank Statements/Passbook information/salary slips for the past 6 months. This is to show proof of the salary/income which is being credited.
Other documents required:
- The applicant must also present the Copy of the property documents to be mortgaged
- The applicant must also have filed their IT Returns and Form 16 for the past 2 years.
- As per bank to bank, they might demand for a Guarantor Form (Optional)
- The applicant might also have to provide the lender with an Advance Processing Cheque. This is required to process the loan documents for sanctioning.
- If the applicant has any existing loans which are being repaid, then he/she will need to submit the loan sanction letter, repayment track record of the past 6 months on existing loans.
- If the applicant has some investments in the form of fixed deposits, fixed assets, shares, etc. then they need to provide with the details of the same.