Having the necessary set of documents that are valid and contains accurate information makes the process of availing a loan against property quick and hassle-free.
Individuals should keep the documents required for a loan against property handy to help quicken the application and verification process. They must also meet simple eligibility criteria to apply for a loan against property.
Here is the set of documents you require to apply for a property loan –
# Mortgage Documents
All documents related to the property individuals want to mortgage.
# KYC Documents
- Aadhaar Card
- PAN Card
- Voter ID
- Driving License
# Proof Of Address (Any three)
- Telephone bills
- Electricity bills
- Gas bills
- Receipt of property tax
- Life insurance policy
Besides these, both salaried and self-employed individuals need to furnish these following documents for availing a loan against property –
# For Self-Employed Individuals
- Income tax returns for the last two years.
- Profit and Loss statement and Balance Sheet audited by a CA.
- Documents that serve as a proof of business like GST registration certificate, Articles of Association, Trade License, etc.
# For Salaried Individuals
- Last year’s income tax returns.
- Last 6 months’ bank account statements.
- Last two months’ salary slips.
- A photo identity card provided by a government organisation or specific department where he or she is employed.
Future loan applicants must note that lending institutions may ask them to submit other vital documents in addition to the ones mentioned above. They must make sure that they are aware of the list of documents needed to apply for a loan against property to avail the funds in the least possible time.
Additional Read: Know How To Get An Education Loan Against Property In Few Easy Steps