With the demonetisation decision and subsequent notifying of
Real estate (Regulation and Development), Act, 2016 by different states, both
credibility and pricing of the property is a reality now. Buyers, specially from
the middle income group (MIG) is looking for new residential avenues hence they
should keep information regarding credit facility handy. Although documentation
requirement for different banks and different, but by and large there is a
model skeletal of documents required for a streamlined credit availability.
Prospective
creditors are often clubbed under categories (generally three in number)
according to their respective conveniences which is beneficial for both the
costumers and the bank. This segregation essentially allows them single window
clearances with a promissory note through attractive offers like “7 days’
credit in hand assurances”!
1) Salaried class- Documents
required are-
·
Application form with photograph duly signed.
·
Identity, residence and age proof
·
Last 6 months’ bank statements
·
Last 3 months’ salary slips
·
Processing fee cheque
·
Form 16/ Income Tax return
2) Self-employed professional- Due
to self-evident insecurity attached with self-employed personnel, documentation
required will have to pass through more KYC norms. Apart from the above
documents requirement, prospective costumer will have to add few more documents
to his portfolio while applying.
·
Application form with photograph duly signed.
·
Identity, residence and age proof
·
Last 6 months’ bank statements
·
Last 3 months’ salary slips
·
Processing fee cheque
·
Form 16/ Income Tax return
·
Educational qualification certificate and proof
of business existence.
·
Last three years’ income tax returns with
computation of income.
·
Last three years’ CA certified/ audited balance
sheet and profit & loss account.
3) Self-employed non-professional-
With more stringent procedure attached due to evident anonymity, KYC norms are
extended to one more document (generally, though may vary from bank to bank).
·
Application form with photograph duly signed.
·
Identity, residence and age proof
·
Last 6 months’ bank statements
·
Last 3 months’ salary slips
·
Processing fee cheque
·
Form 16/ Income Tax return
·
Educational qualification certificate and proof
of business existence.
·
Last three years’ income tax returns with
computation of income.
·
Last three years’ CA certified/ audited balance
sheet and profit & loss account.
Due to India’s economic profile and credibility attached
therein with large number of public sector banks in the market, buying credit
from home loan is not a tiresome exercise these days if one is ready with all
the requisite documents aforementioned. Hurry! Start preparing your portfolio
for a cheap home loan for upgrading your residential profile by shifting to
your dream home.
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