What Documents Can Be Ignored while Applying for Home Loan

    What Documents Can Be Ignored while Applying for Home Loan

    Nowadays the number of home loan applicants in India is increasing. Applying for a home loan in India and getting the amount we ask for is easy but we need to submit all necessary documents. Because if they have to come forward to give you the required amount then you have to submit the proper documents and other things that they ask for and everything is correct from your side.

    The key here is to prove your income. And the list of documents can sometimes seem endless. So check which documents you need before applying and then act accordingly. So checking all this beforehand will definitely save you time and save your effort.

    Utility Bill

    Utility bills are a legitimate resource for residents in many parts of the world. However, in countries like India, this is not considered a requirement by many lenders. So instead of these utility bills, these lenders give more importance to the duly authorized documents to prove the registration of an individual. It is better that you always keep these official government-attested documents.

    Aadhaar identity card is one of the important documents they ask for. Because in countries like India, an Aadhaar card is an important document of an individual. Also, passports, voter ID cards, etc are some of the unique ID cards to show a person. It provides basic verification like your place of residence, identity of your location, citizenship, etc.

    Although we mention all the documents here, Aadhaar is the most important proof in India. This will be linked to the various services you avail. And someone easily confirms your financial account. Aadhaar is a perfect document for identity verifications here. Similarly, passports and voter ID cards also serve as proof of location verification. These reliable documents can be checked by financial institutions and they can know your identity.

    Bank Statements from Multiple Accounts

    You can use multiple bank accounts. So the lender will not require you to provide bank statements from every account you have. Lending will definitely need statements from the primary bank account where your salary is credited. So they will ask you for those statements. You must definitely submit the report they ask for. So they will check your financial documents accordingly by submitting them this way. This can greatly reduce the risk of financial confusion between you and the lender.

    Additional Income Proof for Salaried Individuals

    Additional income certificates such as income tax returns or bonus certificates are sometimes required to be provided by salaried individuals. However, these documents may not be required if your payslips reflect your income. So if this is required you must submit these documents respectively. Getting your income certificate in order is one of the best precautions you can take to avoid problems and issues in the future.

    Non-Agricultural Land Certificate

    A Non-Agricultural (NA) land certificate may not be required at all times. For the properties that are located in urban areas, the Non-Agricultural (NA) land certificate is not essential. On the other hand, if this document is specifically not requested here you do not need to collect it. This definitely prevents you from having problems getting it from the local authorities if you don’t need it. Definitely, you can confirm from your lender which documents are required. This way you can avoid unnecessary documents while confirming. So follow the advice on this respectively and act wisely.

    Property Tax Receipts

    Property tax receipts are not always a mandatory requirement for loan applications. Most lenders in India ask for sale deeds and title deeds as key documents for ownership documents. You can save yourself time and work by avoiding property tax receipts in advance. And you can remove it from your document checklist and keep the required documents properly.

    Going through home loan application forms, especially in India is not an easy task. It will be a very challenging one. But knowing in advance which documents you should avoid will significantly reduce the burden on you. By focusing on the essential home loan required documents, such as any sort of proof of income and property ownership papers, you can streamline your application and increase your chances of approval.

    With a good clear understanding of what documents are required and the optional requirements, you can take steps to speed up your home loan approval process. I wish you all the best in making your homeownership dream come true! Congratulations!


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