Standard documents for Loan Against PropertyDocumentation is the prerequisite for any loan. It is true for a mortgage loan also. Banks use these documents to evaluate the eligibility of the loan applicant. The documents demanded by most of the banks are nearly the same. Anyhow, it is better to be properly informed about the documents that would speed up the process. The following are the formalities that one needs to follow to apply for a mortgage loan:
- Application form with passport size photos of all applicants.
- Residence proof: A photocopy of first and last pages of Ration Card/ Passport/Driving License/latest utility bill
- Identity proof: A photocopy of Passport/Driving License/PAN Card/Voter’s Identity Card
- Bank statements for the last six months (Salary A/c for salaried persons and Current A/c & Savings A/c for self-employed or business persons)
- Income proof: In the case of salaried persons, any one of
a) Latest salary slip, showing all deductions from employer,
b)Latest salary certificate,
c)A photocopy of Form 16 A.
- In the case of self-employed persons or businesspersons, following are the documents needed for income proof:
a) Income Tax returns for the last 3 years duly Certified by a Chartered Accountant,
Balance Sheets and Profit & Loss Account of the business/ profession and individual for the last 3 years duly certified by a Chartered
b) Accountant(Form 16A also required for Consultants),
c) A photocopy of Advance Tax payments (if applicable)
- Title documents of property and approved plan.
- Educational qualifications and certificates in the case of self-employed persons
- Proof of doing business and business history in the case of businesspersons
- Processing fee cheque
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