[PropertyTalk]: Looking for Property Loan? Save this ready reckoner for Documents required

LOOKING FOR A PROPERTY LOAN?

HERE'S PRESENTING A READY REFERENCE COMPILATION OF VARIOUS DOCUMENTS REQUIREMENTS THAT AN APPLICANT NEED TO FURNISH TO THE LENDING BANK/ INSTITUTION/ AGENCY/ ETC.

KEEP THIS LIST WITH YOU AS A READY RECKONER.
AND YES, PLEASE DO INFORM IN CASE YOU KNOW SOMETHING MORE TO ADD/ APPEND/ HIGHLIGHT BESIDE WHAT IS COMPILED HERE ABOVE.

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Requirements, Common to all (applicable for all categories listed below in addition to other related requirements)

1. Photographs of the applicant(s)
2. Copy of any valid identity proof like Voter ID card/ Ration card/ Passport/ PAN card/ Telephone/Electricity bills. (preferably photo identity cards)
3. Copy(ies) of valid age, address and signature proofs.
4. Copy(ies) of Investments like FD Certificates, Shares, Fixed assets, etc. supporting the financial background of the borrower(s).
5. Copy(ies) of existing loan(s) and repayment proofs, if applicable.
   

Salaried Individuals

1. Form 16A (last 2-3 years) and/or last 3-6 months salary slips
2. Copy of Life Insurance policies with last 2-3 premium payment receipts (if any)
3. Copy of bank statement for the last six months

Self Employed / Businessmen

1. A brief introduction of Business/Profession
2. Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA
3. Copy of Advance Tax payments (if applicable)
4. Copy of Registration Certificate of establishment under shops and Establishments Act/Factories Act
5. Copy of Registration Certificate for deduction of Profession Tax (if applicable)
6. Bank statements of Current and Saving accounts for the last 6 months
7. Copy of Certificate of Practice(if applicable)

Builder Flats/ Properties

1. Original copy of your agreement with the builder
2. 7/12 extract or property register card of the land under construction
3. Index II extract of your agreement with the builder
4. Copy of N.A. permission for the land from the collector
5. Search and title report (with the details of documents) for the last 30 years
6. Development agreement between the owner of land and the builder
7. Copy of order under the Urban land Ceiling Act
8. Copy of building plans sanctioned by the competent authority
9. Commencement certificate granted by Corporation / Nagar Palika
10. Building completion certificate (if available)
11. The latest receipts of taxes paid
12. Partnership deed or memorandum of association of the builders firm

Cooperative Society Properties

1. Original share certificate of the Society
2. Allotment letter from the society in your name
3. Copy of the lease deed, if executed
   
4. Certificate of the registration of the society
5. Copy of the bye laws of the society
6. No objection certificate from the society
7. 7/12 extract or property register card in the society's name
8. Copy of N.A permission for the land from the collector
9. Search and title report(with the details of documents) for the last 30 years
10. Copy of order under the Urban Land ceiling Act
11. Copy of the building plans sanctioned by the competent authority
12. Commencement certificate granted by Corporation / Nagar Palika
13. The latest receipts of taxes paid
14. Original Agreement to assign / Deed of assignment

Own Site/ Construction

1. Original sale deed of land and extract of Index II
2. 7/12 extract or property register card in your name
3. Copy of N.A. permission for land from the collector
4. Search and title report (with the details of documents) for the last 30 years
5. Copy of order under Urban Land Ceiling Act
6. Copy of the building plans sanctioned by the competent authority
7. Building permission granted by Corporation / Nagar Palika
8. The latest receipts of taxes paid
9. Estimate of cost of construction certified by the architect

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Hope Bricks-n-Mortar.com's readers would be benefited by this ready to use compilation.
For any other clarification/information, please feel free to ask.

A few major institutions/ agencies/ sites that provide property loans in India:

• LIC housing
• HDFC bank
• State Bank of India
  
• ICICI bank
• Citibank
• GE Money
  
• Axis bank
  
• India Property Loans
• Apna Loan
• Deal4Loans
  

[Filed under "PropertyTalk, Tip-n-Bits" category(ies) by Team@Bricks-n-Mortar.com]

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[Picture source: LIC housing.com]

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