Documents Required for a Home Loan Application
Pushpanjali • December 6, 2016
Owning a home goes beyond fulfilling a dream; it means having a space that welcomes and protects you. But to secure a home loan, a proper application process needs to be followed. At HomeFirst, we want to make the loan process as easy as possible for you. Fintech is growing in today’s world and so are we evolving to get your secure place at your convenience. Traditional lenders want you to fill out a lot of paperwork and make several trips to get a loan. We do none of those things. So, we have attached a list of documents that you need to get a home loan.
Documents Required for Home Loan
| Purpose | Accepted documents |
| Loan Application |
|
| Identity proof (anyone) |
|
| Address proof (anyone) |
|
| Photograph |
|
| Income proof (salaried) |
|
| Income proof (self-employed) |
|
| Bank Statements |
|
*In case of a co-applicant(s), all the above mentioned documents are required by the co-applicant(s) as well.
*In case you are a NRI applying for a home loan with us, you might need additional documents like –
Visa stamped Passport
A common question which in general our applicants have is “Can home loans be granted without documents?”
The answer to this question depends on the types of documents you are referring to. If the documents mentioned are in terms of verification and KYC purposes, the answer is a strict no. But if the question is meant for producing a proper income certificate, the answer is yes. This might not be the case with many traditional banks and NBFCs, but with companies like HomeFirst, you can get your home loans without submitting your proper income certificate and can be applied completely online from here.
Process to Apply for a Home Loan
Sanctioning a home loan in India used to be a lengthy and difficult procedure before the advent of digital banking. But due to the increase in adoption of digital banking, a home loan can now be quickly and easily processed online. The online application process for HomeFirst can be accessed from here. Within 48 hours, you can get your home loan sanctioned if it is approved. In case you are unfamiliar with the home loan procedure, here it is:
1. Online Process
This is as simple as it can be. We have our home loan process completed online through the link here. Just fill the information required and our relationship manager will reach out to you within 48 hours. Post that, documents will be checked and upon approval, your loan amount will be sanctioned in your account. The whole process is hassle-free and does not require daily visits to your location.
2. Offline Process
- Fill out the application form
The first step is to fill out the application form with all the details required and submit it along with the documents required mentioned in the above table. - Credit Appraisal
The process of evaluating the applicant’s credit history begins once the lender has received the application for the home loan as well as the requisite set of papers. In this stage of the process, the lender determines whether or not the applicant is eligible for a house loan by analyzing factors such as the applicant’s income, employment history, credit score, current debts, employer’s profile, business history and other relevant factors. - Property valuation/Field Investigation
Lenders verify and review the applicant’s collateral property at this stage. The lender verifies all property paperwork, sale agreements, no objection certificates, occupancy certificates, and more, to ensure the title is clear and undisputed. The lender’s representative also inspects the property’s construction to make sure it meets plans and regulations. The lender also determines property value through technical inspection in case they require collateral. In the case of companies like HomeFirst, income proof is not required so a field investigation is carried out by the lender. This involves the lender’s representative calling the application or going to the applicant’s place of business or residence to determine or authenticate the details that the applicant has provided. - Loan Sanction
Post approval of home loan application, an approval letter is provided with all the details mentioned like loan amount, applicable interest rate, type of interest be it floating or fixed, loan tenure, etc. - Loan disbursal
The lender disburses the loan amount to your account as per the agreement. Before signing the loan agreement, the applicant should double-check the interest rate, interest type, loan tenure, EMI, and other terms and circumstances.
To sum up
With growing digitization, all of the process can be done sitting at your ease. HomeFirst’s loan application process is fully digitized from loan application process to loan disbursement in your account. Still, the nearest offline offices can be tracked here and you can visit our official website too for putting up an enquiry. HomeFirst stands with you helping you to build a home of your own.
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