Yes, You can buy a property in India from relatives. Before buying a property check all documents and cross verify before you seal the deal.
In India, there are many banks and NBFC for a home loan. To get a home loan you have to be ready with all required documents and check eligibility criteria to get a home loan.
Before applying for a home loan research the best Banks or NBFC that provides the best interest rate and offers so that you can get the cheapest home loan interest rate.
Required Documents for Home Loan
- Complete Home Loan Application Form with one passport size photograph.
- Photo Identity Proof: Passport/ Driving License/ Voter ID/ PAN
- Residence Address Proof: License/ Registered Rent Agreement/ Utility Bill
- Residence Ownership Proof: Sale deed or rental agreement
- Income Proof: salary slip, bank statement, and Form 16
- Job Continuity Proof: Appointment letter at employment and validation letter from HR
- Bank Statement: Past 6 months’ document
- Property Documents: Sale deed, Katha, transfer of ownership
- Advance Processing Cheque: A canceled cheque for validation of bank account
- Investment Proof: LIC, mutual funds, property document, etc.
- Financial Documents:
- a. For Salaried Individual: 3-month salary slip, Form 16, and bank statement
- b. For Self-Employed Individual: IT returns for last 2 years along with computation of income tax for past 2 years certified by a Chartered accountant
- c. For Self-Employed Non- Professionals: IT returns for last 3 years along with computation of income tax for past 2 years certified by a Chartered accountant
These are the common documents for a home loan.