When it comes to buying a house of their own, there are many people who look towards a home loan in order to finance the purchase. But a certain amount of preparedness goes a long way when applying for a home loan in order to get approval from a legitimate and certified bank. All lenders ask applicants to furnish certain documents and while these may vary from lender to lender on an actual basis, here is a look at the basic paperwork that all applicants for a home loan must have in place when applying:

1.The home application loan form is the most basic document to have when applying for a loan. The form must be duly read and completed and all necessary details asked must be supplied along with the recent photographs of the applicant. In case of co-borrowers, the appropriate details must be provided in the form. The applicant also needs to pay the necessary processing fee for the application.

2.The documents for identity and address proof the borrowers are mandatory attachments with the application for home loan for all potential applicants. Some of the commonly accepted identity proofs are Aadhar card, PAN card, driving licence and passport which have been issued by the government. Address proof may include phone, water, electricity bills, recent bank statement etc. Some lenders mention the acceptable documents on their application forms.

3.The home loan eligibility of any applicant is gauged from the income of the individual. For instance, for those seeking to buy 4 BHK flats in Zirakpur, their income must be able to withstand the regular payment of instalments. Lenders generally ask for a copy of the filed IT returns, salary slips, etc as proof of stable income from the applicants.

4.The banks and lenders also ask the applicant for the documents pertaining to the property itself. While this is not a necessary condition for application, attaching property papers clears matters on eligibility.

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