Sunday, November 25, 2012

Important Documents essential by banks for getting the home mortgage

The moment when you have decided to get your property financed by bank, you must do some necessary checks what all the documents would be essential for applying the home loan. It is one of the keyroles when you are planning to apply for a loan. Without having all the documents required for processed for the loan, you would not be qualified for loan. It is time to capture what all documents are the necessary documents, if you don’t have that get it ready before applying for home loans. This article will help you make yourself clear in detail about the several documents vital by the banks. It depends on the category which you belong to. Usually banks need the documents for Salaried and Self Employed. Salaried people who are working for another company get the regular income. They will have to acquiesce the fixed set of documents. In another group, who are doing business and professionals responsible for their earnings have to show the strong proof documents for their income? Through this article we have tried to make it clear with you that following documents would be required at the time of funding.
Salaried

1.Salary slip/Form 16 A.
2.A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills.
3.A photocopy of Investments (FD Certificates, Shares, any fixed asset etc. or any other documents supporting the financial background of the borrower.
4.A photocopy of LIC policies with the latest premium payment receipts (if any).
5.Photographs (as applicable).
6.A photocopy of bank statement for the last six months.

Self-Employed / Entrepreneurs

1.A brief introduction of Business/Profession.
2.Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA.
3.A photocopy of Advance Tax payments (if applicable).
4.A photocopy of Registration Certificate of establishment under shops and Establishments Act/Factories Act.
5.A photocopy of Registration Certificate for deduction of Profession Tax (if applicable).
6.Bank statements of current and saving accounts for the last 6 months.
7.A photocopy of Certificate of Practice (if applicable).
8.A photocopy of any bank loan (if applicable).
9.A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.
10.A photocopy of LIC policy (if applicable).
11.A photocopy of investments (FD Certificates, Shares, any other fixed asset).

After having the complete knowledge of the detailed documents you can arrange these documents on time or before time with you or get verified by the required authorities so that there would not be any hassle while applying for home loan.

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