Here’s a comprehensive list of documents you need to have in order when applying for a home loan in Chennai:Application Form: Start by filling out the loan application form provided by the lending institution. Ensure that all the information provided is accurate and complete.Proof of Identity: Lenders typically require government-issued photo identification documents such as Aadhar card, passport, voter ID, or driving license as proof of identity.Proof of Residence: To confirm your residential address, you’ll need documents like Aadhar card, passport, recent utility bills, or voter ID.Income Proof: Lenders need to assess your repayment capacity, so you’ll need to provide income proof documents. Salaried individuals should submit salary slips, Form 16, and bank statements. Self-employed individuals need to furnish their IT returns, profit and loss statements, and balance sheets.Employment Proof: Salaried individuals should provide an employment certificate or appointment letter from their current employer. Self-employed individuals need to provide business continuity proof, such as business registration documents.Property Documents: The property you intend to purchase or mortgage will require a set of documents, including the sale deed, title deed, property tax receipts, and approved building plan. Make sure these documents are legally verified and in order.Bank Statements: Lenders may ask for bank statements from your savings and current accounts to evaluate your financial stability. Typically, statements covering the last 6 to 12 months are required.Credit Report: It’s a good practice to obtain a copy of your credit report before applying for a home loan. While it’s not a mandatory document, a clean credit history can improve your loan eligibility.Property Valuation Report: The lending institution will assess the property’s value through a professional property valuation report. This report is crucial in determining the loan amount.Guarantor Documents: If you have a co-applicant or guarantor, their income and identity proof documents will also be required.Passport-size Photographs: Keep a few recent passport-size photographs ready as they are often needed for various forms and documents.Declaration of Assets and Liabilities: Some lenders may ask you to declare your existing assets and liabilities in a prescribed format.
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