The documents required while applying for loan against property are similar to those of home loan expect for three additional documents. The documents required will vary from bank to bank.
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Identity proof:
A copy of any of these – passport, driving license, voters ID or PAN card with your photograph will serve the purpose of your identity proof.
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Proof of residence:
A copy of your passport, ration card, driving license, telephone bill, or electricity bill to show that you reside at the same place as mentioned in the documents.
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Income proof:
The proof of income for salaried individuals will differ from that of self- employed individuals. Salaried people need to submit their latest salary slip, Form 16 (along with salary certificate from the employer), and their bank statement for the last 3 months. Self-employed people need to provide their IT returns for the last 2 years, balance sheet, and profit & loss account, bank statements for the last 6 months as proof of income.
- Photocopies of all the property documents need to be handed over prior to sanction of the loan.
- The customer also needs to give a declaration stating that the loan amount would not be used for the purposes of carrying out any illegal activities or for speculative activities.
- A valuation report of the flat from the professional valuer appointed by the bank.
