What is the process to apply for a home loan In India?


FOR OUTRIGHT PURCHASE OF A READYMADE HOUSE: 

  1. Quotation from seller
  2. Copy of title deeds
  3. Proof of income – salary slip/IT returns
  4. Bank statement for last 6 months
  5. Confirmation of employment letter from company, if you have been working for less than one year
  6. KYC documents
  7. NOC from builder/housing society

FOR BOOKING A FLAT IN A PROJECT UNDERWAY: 

  1. The project needs to be on the approved list of the bank
  2. Approvals took from authorities by the builder
  3. Quotation from a builder with the schedule of installments
  4. KYC documents
  5. Income proof/IT Returns
  6. Bank statement
  7. Employment/salary certificate if asked
  8. A similar set of documents for co-borrower, if any

Property papers are the title deeds in your name. The property needs to be registered in your name in the Registrar of Assurances office.

Author: Reena Saxena

Source: Quora


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