Buying a home is one of the major decisions a person has to take during his life. It is rare to find someone who pays the entire cost of a home at one go. A home loan is a fundamental part of any home buying effort. Taking a home loan is a long journey, which involves many steps. The key to getting your home loan in an easily way is
being familiar with the entire home loan process.
Beginning the home loan process in Mumbai India
The process of getting a home loan starts with a formal application for the loan. The application form requires certain basic information about you. This will include your personal, residential, income, employment, educational details and details about the property, estimated costs and current means of financing the property.Home loan services in Mumbai
The application form must be supported with valid documents to substantiate the facts. Generally, submit following documents.
- Income proof
- Age proof
- Identity proof
- Address proof
- Employment details
- Proof of educational qualifications
- Bank statements
Proof of income : This will need to be backed up by proof such as copies of last three years’ Income Tax returns (along with copies of Computation of Income/Annual accounts, if any), Form 16/Form 16A, last three months’ salary slips, copies of the last 6 months’ statements of all your active bank accounts in which your salary/business income details are reflected, etc. Other documents that you need to provide with your application form include age proof, address proof, and identification proof. You may also be asked to give your employment details.
Age proof : photoCopy of your school leaving certificate/Driving license/Passport/ration card/PAN card/Election Commission’s card/etc.
Identification proof: Same as above, but with a photograph. Sometimes, the same papers if it contains a photograph, the current residential address, and the right age can be the proof for all 3 things.
Address proof: Similar documents required to be provided to prove that you are actually staying at your current residential address.
Your employment details: If your organization is not well‐known, then a short summary about the nature of the organization, its business lines, its main customers, its competitors, the number of branches, the number of employees, turnover, profit and so on may be needed. Usually, the company profile that is available on the standard
website of the company is enough.
Educational qualification: The copy of certificates of your higher educational qualification needs to be submitted.
The main motto of the entire exercise is to ascertain the suitability of an applicant for a house loan. The salary documents and bank statements give vital clues to the bank with respect to your money related wellbeing.Home loan companies in Mumbai