Qualifying criteria for rightfully claiming tax benefits on home loans
Date : 31-Dec-2022
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Update Date : 01-Jan-2023
Created Date : 31-Dec-2022
Category : Home Loan E-Book (Promotional_New)
Standard documents checklist for home loans
The duration of your loan process completely depends on the quality of your loan file and the manner in which you present your documents to your prospective lender.
Presenting incomplete file and sharing documents in bits & pieces not only makes you look unprofessional & unorganized but also slows down the overall processing of your home loan.
As a result, you may not only suffer a financial loss in the form of penalties for overshooting payment deadlines but also get behind on commitments and lose credibility that may matter to you more than anything else.
Hence, to keep such challenges at bay and to get your loan processed quickly, you must always present your loan file neatly arranged in the following order:
KYC Documents:
1. Photo
2. Pan Card.
3. Adhaar Card.
Income Documents for Salaried Individuals:
1. Latest 3 Months Salary Slips.
2. The latest 2 years form 16.
3. The latest 6 months bank statement that reflects salary credits and all EMI debits.
4. The latest Increment Letter.
5. Company ID Card.
6. 1-year loan statement of any other loan.
Income Documents for Self-Employed Individuals:
1. Company Profile.
2. Company Pan Card (if applicable)
3. Proof of business address.
4. The latest 3 years CA certified ITR with computation, P&L and Balance Sheet. (Personal + Company and every page should be stamped and signed by CA firm with UDIN Number).
5. The latest 3 complete financial year's current account and 1 financial year savings account bank statement.
6. The latest 3 years Form 26AS (Personal + Company).
7. GST Certificate.
8. Certificate of practice, if applicable.
9. Proof of business establishment (Gomasta, factory license or any registration certificate, etc.)
Documents to be obtained from your existing lender: (If the property is mortgaged)
1. Sanction Letter.
2. List of Documents or LOD.
3. Outstanding/Foreclosure Letter.
4. Statement of loan accounts (Start to date)
Property Documents:
1. Property chain agreement copy with OC.
2. Latest maintenance bill.
3. Latest utility bills like electricity/gas bill etc.
4. Society NOC.
5. Share certificate.
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