Buying a new home is one of the most important decisions in an Individuals life. But without the right knowledge and support, you may not be able to make the correct decision. In our continuous endeavor to help you buy your dream house we bring you information on home loans.

In India the Banks and Housing Finance Companies provide the following type of home loans to Eligible Applicants:-

1. Loans to Purchase new Home.
2. Loans to Construction Home on self-owned plot.
3. Loans to Improve, Repair or Expand existing Home.
4. Loans to Purchase Land for construction of home or for investment.
5. Balance Transfer Loans which help the buyer to pay off current home loan and get another loan at lower interest rate.
6. Home Extension Loans
7. Loan for NRI’s to buy or construct a home in India.
8. Loans to pay the Stamp Duty required after purchasing a new property.

The documents required for availing of home loans for Salaried Individuals and businessmen/Self Employed Individuals are listed below.

Salaried Individuals

1. Photo Identity Proof (PAN Card/Passport/Driving License etc.)
2. Address Proof (Ration Card/Telephone Bill/Electricity Bill etc.)
3. Form No.16/ Salary Slip.
4. Proof of Investments like Mutual Funds, Fixed Deposits, Shares Holdings Statements, LIC or other Insurance Policies, etc.
5. Passport size Photographs.
6. Bank’s Savings Account Statement for the last six months.
7. Any other documents supporting the financial status of the applicant
8. Documents of the Co-applicant (Spouse or Parents) if applicable.
9. Documents pertaining to any other previous loans (if applicable).

Self-Employed/Businessmen

1. Photo Identity Proof (PAN Card/Passport/Driving License etc.)
2. Address Proof (Ration Card/Telephone Bill/Electricity Bill etc.)
3. A brief introduction of Business/Profession.
4. Proof of Income Tax Returns Filed for the last 3 years.
5. Last 3 years Balance Sheet, Profit and Loss statement of income, certified by a Chartered Accountant.
6. Proof of Advance Tax payments (if applicable).
7. Proof of Registration Certificate of establishment under shops and Establishments Act/Factories Act.
8. Proof of Registration Certificate for deduction of Profession Tax (if applicable).
9. Proof of Investments like Mutual Funds, Fixed Deposits, Shares Holdings Statements, LIC or other Insurance Policies, etc.
10. Bank statements of Current and Saving accounts for the last 6 months.
11. Any other documents supporting the financial status of the applicant
12. Documents pertaining to any other previous loans (if applicable).