Most of the time, home loan applications get rejected owing to discrepancy in the documents submitted. If you have your list of documents required for home loans sorted, your loan application could get approved faster. Documents like proof of identity, address, income and property-related documents are an absolute must when applying for a home loan.
In order to make your home loan journey a lot easier, we have compiled the list of documents required for salaried, self-employed and NRI home loan applicants. Check them out!
Let us look at the documents required for a home loan:
If you’re a salaried applicant, you might need these documents:
If you are a self-employed applicant, you might need the following documents:
Business owners might have to provide an additional set of documents. Here’s the list:
Here is a list of documents that may be required for an NRI (Non-Resident Indian) home loan applicant:
It’s important to note that the specific documents required may vary depending on the lender and the type of property being purchased. It’s a good idea to check with the lender for a complete list of required documents.
Rate of Interest (P.a)
Loan Tenure (Years)
You can calculate your home loan EMI with the help of this formula:
Home loan EMI = [p x r x (1+r)^n]/[(1+r)^n-1]
Here, p = principal or loan amount, r = interest rate per month, n = loan tenure in months
However, calculating home loan EMI is an extremely time consuming process and may leave room for errors. A better alternative would be using an online home loan EMI calculator.
These online EMI calculators are extremely easy to use. All you have to do is select the loan amount, tenure and interest rate, and you will be able to check your EMI obligations within a few seconds.
Navi offers instant approval on home loans in a 100% paperless manner. The entire process is app-based with zero human intervention. Follow the steps below to apply for a Navi home loan:
It’s important to submit correct documents to your lender to avoid loan rejection. Follow the list we have mentioned to get a comprehensive idea on the list of documents required for home loans. Note that these requirements vary and it’s best that you check with your lender regarding the documents required.
For instance, with Navi, you don’t need a bag full of documents to apply for a home loan. Just download the Navi app, enter a few basic details, complete your KYC and get instant approval on home loan.
Ans: In addition to property papers, and personal and income-related documents, individuals need to submit documents related to the existing loan. They include the following:
• Loan agreement letter
• Home loan statement
• Existing loan providers’ approvals (NOC, foreclosure letter, and No Objection Certificate)
Make sure to keep these documents ready. To enjoy a substantial reduction of interest rates of up to 5%, opt for the balance transfer facility from Navi Finserv Ltd.
Ans: Usually, if you take a home loan from a bank where you have your salary account too, you may not need to submit any documents.
Ans: Usually, an individual should earn at least Rs. 25,000 as monthly salary to avail a home loan. However, it may vary depending upon the loan provider.
Ans: For NRIs, the additional documents required for a home loan include the following:
• General power of attorney
• Valid work permit
• Copy of work visa along with passport
• Proof of overseas residence
Are you looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to ₹5 crore. Install the Navi app now and get instant in-principle approval right away! Interest rates starting at 8.60% p.a.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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