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documents required for home loan

Documents Required for a Home Loan in 2024

Prospective homebuyers can avail of a Home Loan with Bajaj Housing Finance and enjoy a seamless process of loan disbursal. Our documentation requirement is minimal, ensuring quick disbursal post document verification. However, before availing of a Home Loan, you need to be aware of the eligibility criteria and documentation. Home Loan eligibility is determined basis various factors, including, age limit, income, and CIBIL score. All the eligibility parameters should be fulfilled for your Home Loan to get approved.

Additionally, as part of your housing loan application, you will be required to submit certain documents, such as KYC documents, and proof of income, which helps in determining your Home Loan eligibility. This document verification validates the existence of the property, proof of ownership, proof of sale etc., depending on the nature of the property and type of transfer. The list of documents required for a Home Loan may vary based on your occupation or employment type.

List of Home Loan Documents for Salaried Applicants

List of Home Loan Documents for Salaried Applicants

1. Completed and signed Home Loan application form

2. Mandatory Documents (Any one of the below)

  • PAN Card
  • Form 60

3. Proof of Identity: (Any one of the below)

  • ​​Aadhaar Card​​​
  • Driving Licence​​​​
  • ​​​Voter’s ID Card​​​​

4. Proof of Age: (Any one of the below)

  • ​​​Birth Certificate​​​​
  • ​​​Aadhaar Card​​​​ ​​​
  • Passport​​​​ ​​​
  • Bank Account Passbook​​​​
  • ​​​Class 10 Marksheet​​​​ ​​​
  • Driving Licence​​​​

5. Proof of Residence: (Any one of the below)

  • ​​​Aadhaar Card​​​​ ​​​
  • Utility Bills like Electricity Bill, Telephone Bill, etc.​​​​ ​​​
  • Passport​​​​
  • ​​​Voter’s ID Card​​​​ ​​​
  • Ration Card​​​​ ​​​
  • Certified letter by recognised public authority​​​​

6. Proof of Income:

  • ​​​Payslip for a minimum of last 3 months ​​​​
  • ​​IT returns of a minimum last 3 years​​​​ ​​​
  • Form 16​​​​ ​​​
  • Certified letter from employer​​​​
  • ​​​Promotion or increment letter​​​​

7. Other Documents:

  • ​​Passport–sized photographs of applicants and co-applicants​​​​ ​​​
  • Proof of self-contribution​​​​
  • ​​​Ongoing loan details​​
  • ​​Bank statements of the last 6 months showing repayment of loans, if any​​​​
  • Cheque for processing fee towards the Home Loan provider​​​​
  • Employment Contract or Appointment Letter​​​​

8. Property Documents:

  • ​​​Title Deeds​​​​ ​​​
  • Receipt of payment to developer or seller​​​​ ​​​
  • Allotment Letter or Buyer’s Agreement​​​​
  • ​​​Sales Agreement​​​​
  • ​​​Construction estimate details by architect or civil engineer​​​​ ​​​
  • Plans approved by local authorities​​​​ ​​​
  • Proof of no encumbrances on property​​​​

Disclaimer: Additional documents may be requested at the time of loan processing.

List of Home Loan Documents for Self-Employed Applicants

List of Home Loan Documents for Self-Employed Applicants

1. Completed and signed Home Loan application form

2. Mandatory Documents (Any one of the below)

  • PAN Card
  • Form 60

3. Proof of Identity: (Any one of the below)

  • ​​Aadhaar Card​​​
  • Driving Licence​​​​
  • ​​​Voter’s ID Card​​​​

4. Proof of Age: (Any one of the below)

  • ​​​Birth Certificate​​​​
  • ​​​Aadhaar Card​​​​ ​​​
  • Passport​​​​ ​​​
  • Bank Account Passbook​​​​
  • ​​​Class 10 Marksheet​​​​ ​​​
  • Driving Licence​​​​

5. Proof of Residence: (Any one of the below)

  • ​​​Aadhaar Card​​​​ ​​​
  • Utility bills like Electricity Bill, Telephone Bill, etc.​​​​ ​​​
  • Passport​​​​
  • ​​​Voter’s ID Card​​​​ ​​​
  • Ration Card​​​​ ​​​
  • Certified letter by recognised public authority​​​​

6. Proof of Income:

  • Balance sheet and Profit and Loss Statement of the business attested by registered CA​​​​
  • Income tax returns of at least the last 3 years​​​​
  • ​​​Business licence or other similar documents​​​​
  • ​​​Professional practice licence for doctors, consultants, etc.​​​​
  • ​​​Registration certificate of business establishment for shops, factories, etc.​​​​ ​​​
  • Business address proof​​​​

7. Other Documents:

  • ​​Passport–sized photographs of applicants and co-applicants​​​​ ​​​
  • Proof of self-contribution​​​​
  • ​​​Ongoing loan details​​
  • ​​Bank statements of the last 6 months showing repayment of loans, if any​​​​
  • Cheque for processing fee towards the Home Loan provider​​​​
  • ​​​Title Deeds​​​​ ​​​
  • Business profile​​​​
  • ​​​Most recent Form 26AS​​​​
  • ​​​List of Directors and Shareholders with individual shareholding certified by a CA or CS​​​​ ​​​
  • Partnership deed if the business is a partnership firm​​​​ ​​​
  • Articles of Association and Memorandum of the company​​​​

8. Property Documents:

  • ​​​Title Deeds​​​​ ​​​
  • Receipt of payment to developer or seller​​​​ ​​​
  • Allotment Letter or Buyer’s Agreement​​​​
  • ​​​Sales Agreement​​​​
  • ​​​Construction estimate details by architect or civil engineer​​​​ ​​​
  • Plans approved by local authorities​​​​ ​​​
  • Proof of no encumbrances on property​​​​

​Disclaimer: Additional documents may be requested at the time of loan processing. ​​​​

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Home Loan Eligibility Criteria in 2024

Potential borrowers need to meet certain Home Loan eligibility criteria before applying for a housing loan to experience hassle-free loan processing. These include parameters related to age, income, employment status, credit score, and property value.

Both self-employed and salaried individuals can avail of a Home Loan against separate sets of Home Loan eligibility requirements. The eligibility criteria for a housing loan from Bajaj Housing Finance are simple and easy to meet. Before applying for a loan, you can check your Home Loan eligibility with the help of our Home Loan Eligibility Calculator.

Check housing loan eligibility for both salaried and self-employed individuals below:

Salaried Individuals Self-Employed Individuals
The applicant must be employed with a stable source of salaried income from a public, private or a multinational company with a minimum 3 years of work experience The applicant must be self-employed with a business continuity of over 5 years in the current enterprise
He/she must be between 23 and 75 years** of age He/she must be between 25 and 70 years** of age
He/she must be an Indian (including NRIs) He/she must be an Indian (resident only)

Note that the Home Loan eligibility requirements are indicative and can include additional criteria.

**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.

Professionals, namely doctors and chartered accountants, can also apply for a housing loan for a competitive offer. While all criteria remain the same as stated above, professional applicants must also meet additional qualification criteria. Doctors must hold an MBBS or a subsequent higher degree, and CAs must have a valid COP.

Note: In the case of professionals, the years of experience are counted post qualification.

Read Also: Home Loan Eligibility Criteria for Doctors

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Factors Affecting Home Loan Eligibility

The Home Loan eligibility of an individual depends on various factors. These include:

1. Applicant Age

An individual’s age determines a suitable tenor for the Home Loan. Applicants at the early stage of their career can conveniently avail of the loan for an extended tenor due to their repayment potential for a long term. Lenders cap the maximum borrowing age for salaried and self-employed applicants to reduce the risk of default in repayment. Thus, age is a criterion taken into consideration when assessing eligibility.

2. Credit Profile and Score

An applicant’s credit profile and score are other essential Home Loan eligibility parameters that help lenders identify the risk involved in extending the loan. Individuals with a high credit score of over 750 and a healthy credit profile of timely repayments stand a better chance of receiving prompt approval for a housing loan.

3. Employment Status/Business Stability

Based on the applicant’s profile, financial institutions also check their income stability. Employment of 3+ years for salaried applicants depicts a stable income source and an increased propensity for timely repayment.

Similarly, self-employed individuals with a current business vintage of 5+ years depict suitable Home Loan eligibility with stable occupation and a reliable income for timely repayment.

4. FOIR

Fixed Obligation to Income Ratio, or FOIR, is a measure of an applicant’s repayment capacity. It is calculated as a percentage of one’s monthly income against the fixed monthly liabilities, such as EMIs and rent. FOIR contributes to the overall housing loan eligibility and a lower FOIR can enhance your chances for a quicker sanction.

How to Apply for a Home Loan?

How to Apply for a Home Loan?

Applying for a Home Loan with Bajaj Housing Finance is simple. Follow these steps to apply for a Home Loan:

  1. Go to the housing loan application form on our official website.
  2. Enter your personal details such as your name, and mobile number, and select the type of employment.
  3. Choose the loan type you wish to avail of. Then, enter your net monthly income.
  4. Enter the PIN code and the required loan amount.
  5. Click ‘Generate OTP’ and enter the received OTP in the respective field. After entering the OTP, click ‘Proceed'.
  6. Populate all the financial details as requested and complete the form.
  7. Click ‘Submit’ to submit the application form.

Once we receive your housing loan application, our representative will get in touch with you within 24 hours* to walk you through the next steps.

*Terms and conditions apply

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Frequently Asked Questions

When you are applying for a Home Loan, your salary can be one of the major aspects of eligibility. Even if you have a high-income salary and you have existing financial obligations, your debt-to-income ratio will increase, which is another factor that lenders will inspect.

The following factors are taken into account when determining income eligibility:

  • Net monthly income
  • Financial obligations
  • Any other surplus income from other sources

You can choose to use our housing loan eligibility calculator to better understand your Home Loan eligibility based on salary.

There are several ways to improve your Home Loan eligibility:

  • Maintaining a credit score higher than 750 is recommended since lenders typically offer more favourable terms to applicants with an ideal score of 750+
  • Adding a financial co-applicant to your Home Loan can not only reduce your debt but also improve your Home Loan eligibility
  • Repay your outstanding loans and debts to maintain a healthy financial background and expand your existing repayment capacity
  • Declare any additional sources of income that you may have, as this will increase your financial capability

The eligibility for a joint Home Loan depends upon the applicant’s relationship with the co-applicant. Any co-applicant who is directly related to the primary applicant can be eligible, with certain considerations. Spouses are a common choice when it comes to availing of a joint Home Loan.

Note that all co-owners of a property are co-applicants on a Home Loan application. However, all co-applicants are not necessarily co-owners.

Applicants with a low credit score can find it difficult to get approved for a Home Loan because lenders tend to approve loans for applicants who show the capacity to make payments without defaulting. The minimum CIBIL score required for a Home Loan is lender-specific, however, a score below 675 is typically considered to be low.

However, having a low credit score is not the end of one’s Home Loan borrowing journey. Consider improving your Home Loan eligibility before applying for a Home Loan to enjoy competitive terms. 

There are several factors that determine the eligibility for a Home Loan:

  • Applicants' Age: Younger candidates are considered more suitable for a Home Loan as they are more likely to sustain the EMI payments across a 40 year repayment tenor.
  • Employment Type: The type of employment also affects the eligibility requirements for a Home Loan.
  • Monthly Income: Income from either a salary or a business to determine your repayment ability.
  • Credit Score (CIBIL score): Lenders assess your credit score to determine your prior repayment experiences.
  • Existing Financial Obligations: Lenders assess your ongoing financial obligations, to see if you can accommodate a new EMI responsibility.
  • Loan-to-Value Ratio (LTV): LTV is the maximum amount of loan a lender can sanction based on the property’s current market value.

No, you cannot avail of a loan without submitting your documents. Document verification is an important stage in the processing of a Home Loan. It determines whether the aspiring borrower is eligible for a Home Loan. Since it is a huge undertaking, lenders prefer mitigating the risk of lending loans by carefully verifying the documents produced by the borrower. This way they ensure whether the borrower will be able to repay the Home Loan.

The list of documents required for a housing loan are:

  • KYC documents (address and identity proofs such as Aadhaar Card, Utility Bills, etc.)
  • Mandatory documents (PAN Card/Form 60)
  • Recent photographs
  • Form 16 and/or latest salary slips for salaried individuals/ITR document and P&L statements for self-employed individuals
  • Bank account statements for the last 6 months
  • Document for proof of business, with minimum 5 years’ vintage (for businessmen/self-employed individuals only)

Bajaj Housing Finance Home Loans come with a swift document verification process. You can visit our branch and submit your documents, avail of our doorstep document pick-up facility, or submit your documents online. Post submission, your documents will be verified by us.

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