When you buy a property, you are not merely buying a dream home. There is something equally or more important than this. And that is, it is a lifetime investment. Keeping certain considerations in mind, it is imperative to take care of certain major requisites to avoid turning your investment into a nightmare.

Many of us panic over the intricate processes linked to property buying before the purchase is done. Property purchases are also often linked to availing of home loans. The exhaustive method of applying for and availing of home loans may seem taxing. It often gets confusing too. Worry not! We are here to help you and iron out your worries.

The documents essential for home loan are known as KYC (Know Your Customer) Documents. Here, we will give you a neat insight into the essential documents that should be in your check list whilst you gear up to buy your dream home. Read on –

FOR HOME LOANS –

List of papers/ documents applicable to all applicants:

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/Passport/Driving licence/ IT PAN Card)
  • Proof of residence (photo copies of recent Telephone Bills/Electricity Bill/Property tax receipt/Passport/Voters ID card)
  • Proof of business address for non-salaried individuals
  • Statement of Bank Account/ Pass Book for last six months
  • Signature identification from present bankers
  • Personal Assets and Liabilities statement

For guarantor (wherever applicable):property purchase checklist

  • Personal Assets and Liabilities Statement
  • 2 passport size photographs
  • Proof of identification as above
  • Proof of residence as above
  • Proof of business address as above
  • Signature identification from his/her current bankers

Additional documents required for salaried individuals:

  • Original Salary Certificate from employer
  • TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Department

Additional documents required for Professionals/self-employed/ other IT assesses:

  • Acknowledged copies of three years IT returns/ Assessment Orders
  • Photocopies of challans evidencing payment of Advance Income Tax

FOR PROPERTY PURCHASE

  • Cheque Book
  • Passport size photographs
  • Proof of identify (photo copies of Voters ID card/Passport/Driving licence/ IT PAN Card)
  • Proof of residence (photo copies of recent Telephone Bills/Electricity Bill/Property tax receipt/Passport/Voters ID card)
  • PAN Card is mandatory

Lastly to round it off, do not forget to check the purchase documents while investing in residential properties. Happy buying!!