Tuesday, May 25, 2010

Required Documents for Property in India

For Home purchase loan every one has to submit application form along with the required documents at first. The important documents are required for the bank at the loan pre-approval stage. These documents may be varying from one category people to another category people. There are some common documents required for every one along with application form such as : Application form along with passport size photograph signed by applicant.

Residence address proof, any one of the following has to submit : Passport, Ration card, Telephone land line bill, Electricity bill, Driving license, Voter’s identity card, Life Insurance Policy. Age proof, any one of the following documents has to submit : Passport, Driving License, Voter’s identity card, Birth certificate, School leaving certificate, LIC Policy or Premium receipt with applicant’s age, Letter from the employer only from selected public limited companies stating the age of the employee, Bank account statement copies for last six months.

Along with these above said common documents salaried employees has to submit few more documents such as : Latest salary slip, Bank statements for last 3 months salary account, Form 16, Latest income tax returns. If any self-employed person is applying for Home loan they have to submit the documents such as : Income tax returns, Details of total income, Balance sheet, The certification from chartered accountant regarding to profit and loss account statements at for two years, Any other loan refund way record, Property papers.

Some housing finance companies will ask for more documents for the loan security purpose such as : Life insurance policies, Assurance of shares, Any National Saving credentials, Mutual funds, Bank deposits, Any private or government recorded investments. By submitting all these required documents then banks documents bank will conduct verification whether the details submitted is correct or not. And bank will inquire about financial status and about debits then they will decide whether you are having eligibility or not for a loan for property in India. If the bank finds that any of the information provided by you is incorrect and having doubt on your repayment capacity then the loan application will be rejected.get details about New projects in gurgaon.

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