Documents Required for Home Loan

For borrowing a home loan from Kotak Mahindra Bank the home loan documents list is:

• Proof of identity: PAN Card/Aadhaar Card/Driving License/Passport/Voter ID
• Proof of address: Driving License/Aadhaar Card/ Voter ID/Passport
• Proof of income
• Proof of age: Voter ID/Passport/Aadhaar Card/Pan Card/Driving License
• Educational qualification proof
• Signature proof: PAN Card/Passport
• Relationship proof

ITR-related documents are always included in the list of documents for home loan. Your ITR reflects your repayment capacity, which the lenders are looking for in an applicant. That’s why it is one of the most important home loan required documents. 

A salary slip is part of the home loan requirements. It is proof of employment and income which strengthens your chances of getting a home loan. However, in case the applicant is unable to produce a salary slip, the bank or lending institution will ask for a bank statement and complete ITR details. Home loan documents related to salary are important as they also indicate your repayment capacity.

A low rate of interest can lower your monthly installments. So, it’s best to switch to a lower rate of interest if you want to reduce your EMI. For this, you need to pay a switch fee to your existing lender. The fee is charged on outstanding principal or undisbursed amount (if any). At Kotak Mahindra Bank, the switch fee is 0.5% with a capping of Rs. 10,000 + GST. Visit home loan fees and charges page to know more.

While allotting a home loan to any applicant, the very first thing banks and lending institutions look for is financial stability and repayment capacity. Documents required for home loan include bank statements, salary slips, and ITR are great indicators of such factors. Although the income documents don’t reduce the EMI directly, a good and stable income can surely help to bring down the interest rate, which, in turn, reduces the overall EMI.

Upon submitting the list of documents for home loan, the bank or lending institution initiates the verification process in the following steps:

• The Bank sends the submitted home loan required documents to our verification team
• On receiving the documents, the verification team sends a representative to the applicant’s residence to physically verify the address
• Apart from residential verification, the representative also verifies the workplace address to check whether the applicant works there or not
• After that remaining documents are verified online through various portals
• Once all the verification is completed, the team forwards the results to the home loan officer handling that particular client’s account

Based on the verification, the bank can either proceed further or reject the application.

It is always recommended to submit home loan required documents in English language. The person in charge of handling your application process may not be adept in your regional language, which can cause complexity and delays. However, if you use English as the language, the verification will be easy and the disbursement will be quick. The registration document should be in English. It helps in easy verification and gets your loan sanctioned quickly.

To register an independent house you are required to submit the following home loan documents:

• Passport-sized photographs of both, seller and the buyer
• Aadhaar Card
• Under the provisions of the Land Ceiling Act, a copy of NOC is required
• Copy of the original and verified sale deed
• Construction completion certificate
• Copy of the property register card
• Copy of Municipal Tax Bill
• The agreement between the seller and the buyer

No. It’s not possible to get a home loan without submitting any documents. Taking a home loan is a huge undertaking. Like the applicant, the banks or lending institutions also understand this. Therefore, they want to make sure that the applicant, to whom they are sanctioning the home loan, is capable of repaying the entire loan amount or not. That’s why they ask the applicant to submit a list of documents for home loan. So, before applying, ensure to check the home loan documents list.

In order to procure a home loan, the applicant must go through an important part of the application process, documentation. At this stage, the applicant should submit the home loan documents. These documents include income proof, age proof, address proof, etc. The bank or lending institution then starts the verification process that includes:

• Physical verification of the residential and office address
• Bank then verifies the rest of the documents via online portals
• After verification, the bank makes the final decision