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Home Loan Documents

You are Eligible for EMI Amount

₹ 56,409

Principal Amount

₹ 65,00,000

Interest Amount

₹ 70,38,043

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Your Repayment Details

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
January ₹650000 ₹5620 ₹1043 ₹4577 ₹648957
February ₹648957 ₹5620 ₹1051 ₹4570 ₹647906
March ₹647906 ₹5620 ₹1058 ₹4562 ₹646848
April ₹646848 ₹5620 ₹1065 ₹4555 ₹645783
May ₹645783 ₹5620 ₹1073 ₹4547 ₹644710
June ₹644710 ₹5620 ₹1080 ₹4540 ₹643629
July ₹643629 ₹5620 ₹1088 ₹4532 ₹642541
August ₹642541 ₹5620 ₹1096 ₹4525 ₹641446
September ₹641446 ₹5620 ₹1103 ₹4517 ₹640342
October ₹640342 ₹5620 ₹1111 ₹4509 ₹639231
November ₹639231 ₹5620 ₹1119 ₹4501 ₹638112
December ₹638112 ₹5620 ₹1127 ₹4493 ₹636985
Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
January ₹6525000 ₹5620 ₹1654773 ₹4452 ₹648957
February ₹648957 ₹5620 ₹1051 ₹46540 ₹647906
March ₹647906 ₹5620 ₹1058 ₹4656 ₹646848
April ₹646848 ₹5620 ₹15555 ₹4555 ₹645783
May ₹645783 ₹56550 ₹1073 ₹4547 ₹644710
June ₹644710 ₹5620 ₹10330 ₹4540 ₹643629
July ₹643629 ₹563430 ₹1088 ₹4532 ₹642541
August ₹642541 ₹5620 ₹1046 ₹4525 ₹641446
September ₹6341446 ₹5620 ₹1103 ₹4517 ₹640342
October ₹644342 ₹5620 ₹1111 ₹4509 ₹639231
November ₹639231 ₹5620 ₹1119 ₹4501 ₹638112
December ₹638112 ₹5620 ₹1127 ₹4493 ₹636985

Home Loan Documents

Checklist for a Smooth Application Process

When applying for a home loan, providing accurate documentation is crucial. Lenders require a range of documents to verify your financial stability, employment status, and property details. This home loan document checklist helps you gather the necessary documents to streamline the application process and improve your chances of approval.

Documents Required for Home Loan

Securing a home loan requires careful preparation, especially in gathering and submitting the necessary documentation. Lenders need specific documents to assess your financial stability, repayment capacity, and property details, which vary based on your employment status, residency, and property type. Here’s a detailed breakdown of the documents required for a home loan application.

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  • SBI Bank
    RECOMMENDED
    Loan Amount
    ₹65,00,000
    ROI
    8.5%
    Tenure
    30 yr
    EMI
    ₹61,536
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  • SBI Bank
    RECOMMENDED
    Loan Amount
    ₹71,50,000
    ROI
    8.5%
    Tenure
    30 yr
    EMI
    ₹67,690
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  • SBI Bank
    RECOMMENDED
    Loan Amount
    ₹80,00,000
    ROI
    8.5%
    Tenure
    30 yr
    EMI
    ₹17,603
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  • SBI Bank
    RECOMMENDED
    Loan Amount
    ₹80,00,000
    ROI
    8.45%
    Tenure
    30 yr
    EMI
    ₹17,603
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Home Loan Documents Checklist for Salaried Individuals

  • Identity Proof: Aadhar Card, PAN Card, Passport, or Voter ID.
  • Address Proof: Utility bills, Passport, Aadhar Card, or Voter ID.
  • Income Proof: Latest 3 months’ salary slips, Form 16, and recent Income Tax Returns (ITR).
  • Bank Statements: Last 6 months’ bank statements to verify income and expenditure patterns.
  • Employment Verification: Appointment letter or experience certificate from the current employer.
  • Passport-Sized Photographs: Recent photographs as per the bank’s requirements.

Home Loan Documents Checklist for Self-Employed Individuals

  • Identity Proof: Aadhar Card, PAN Card, Passport, or Voter ID.
  • Address Proof: Utility bills, Passport, or Voter ID.
  • Income Proof: Last 2-3 years’ ITR with a complete financial statement, including Balance Sheet and Profit & Loss statement, certified by a Chartered Accountant.
  • Bank Statements: Bank statements of the last 6-12 months.
  • Business Proof: Business registration certificate or professional license, depending on the nature of your work.
  • Other Financial Documents: Partnership deed, Articles of Association, or Memorandum of Association, if applicable.
  • Photographs: Passport-sized photographs as per the lender's requirement.

Home Loan Documents Checklist for NRIs

  • Identity Proof: Passport, Aadhar Card (if applicable), or any other acceptable ID proof.
  • Address Proof: Proof of overseas residence, such as utility bills or bank statements from the residing country.
  • Income Proof: Salary slips or employment contract, if salaried; financial statements and tax returns, if self-employed.
  • NRI Account Statements: Last 6-12 months’ Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account statements.
  • Power of Attorney (POA): A legally notarized POA if the applicant is not physically present to complete the formalities in India.
  • Employment Proof: Work permit, visa, and appointment letter for salaried NRIs.
  • Photographs: Passport-sized photographs as per the lender's guidelines.

Property Documents Required for a Home Loan

  • Sale Deed: Original sale deed or title deed to verify ownership.
  • Agreement to Sell: Document showing the terms and conditions between the buyer and seller.
  • Occupancy Certificate (OC): Certificate from the local municipal corporation, particularly for ready-to-move-in properties.
  • Encumbrance Certificate: Certificate confirming that the property is free from any outstanding loans or encumbrances.
  • Approved Building Plan: Approved layout plan and building plan issued by the local municipal authority.
  • Property Tax Receipts: Latest property tax receipts as proof of up-to-date tax payments.
  • NOC from Society or Builder: No Objection Certificate from the housing society or builder.
  • Possession Certificate: Particularly important for properties under construction, this certificate confirms the property's possession status.

Gathering the correct home loan documents is key to a successful and speedy home loan application process. Different requirements apply to salaried individuals, self-employed professionals, and NRIs, and having a clear understanding of property documents is essential. By using this home loan document checklist, you can prepare in advance and improve your loan approval chances. Organizing all necessary paperwork not only accelerates the process but also demonstrates financial reliability, helping you secure the best possible terms for your home loan.

 

Home Loan FAQs

+
EMI stands for Equated Monthly Installment. It's the amount you pay each month to repay your home loan, which includes a part of the principal amount and the interest.
+
Home loan EMI is calculated using the formula: EMI = P * r * (1+r)^n / ((1+r)^n - 1), where P is the principal amount, r is the monthly interest rate, and n is the total number of months.
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The main factors that affect your home loan EMI are the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate will increase your EMI, while a longer tenure will decrease it.
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Yes, most lenders allow prepayment of home loans. However, there might be certain terms and conditions, including prepayment charges. It's best to check with your lender for specific details.

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