Tuesday, September 11, 2012

Documentation requirement for getting home loans for BPTP Princess Park

If you are availing of the home loan on buying a flat or an apartment such as at BPTP Princess Park Faridabad, which is the case with a majority of the buyers, you need to furnish certain important documents on the basis of which the banks or the other lending institutions give the loan. A prospective buyer of the flat shall know what all documents are necessarily required if the loan facility is to be taken.

For granting the loans, the lenders normally categorize the buyers into two segments: salaried employees and the self-employed business persons. There are two different sets of documents required from these two categories of people. Here is a mention of these requirements:

For Salaried Individuals

1.Salary slip or the Form 16A: The lenders would like to know about the ability of the person to repay the home loan. Naturally, this the prime consideration of every lender that the person shall be earning sufficient to meet all his expenses as well as to be able to pay the regular monthly instalment. This is made clear by the salary slip of the person which states the salary being drawn by the person and some other details of tax deductions, if any.

2.Address Proof and Photo Identification proof: It is also important to produce address proof such as the ration card, passport copy, driver license, etc. as the case may be depending upon one lender to the other. The photo identification proof which is usually produced is the copy of the PAN card, Passport, etc.

3.Last six months bank statements: This is required because the lenders are able to know how many transactions and of what value have been done in the last 6 months.
4.Investments: The reason why the investment proofs are sought is that it gives the lenders an assurance that their loan will be safe. In case there is any problem and the lender defaults on payments then these investments can be used by the buyer to repay to loans. These could be the LIC policies, FD certificates, shares or any other fixed asset.

5.Income tax returns of the last three years.

For Self-Employed

1.For a self-employed business man, a small brief of the business is required to be submitted.

2.CA certified income tax returns for the last 3 financial years. Balance sheet and the Profit and Loss statement are also required.

3.Documents pertaining to the registration of your business, be it the private or the public limited company, sole proprietorship or partnership. These are the proofs of the legal standing and clarity of title of the real estate.

4.Rest of the documents are the same as the ones mentioned above.