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Home Loan In Details

What is Home Loan?

A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest to be paid with the EMI every month. The property is taken as a security by the money lending company for the Home Loan.

The property can either be commercial or personal in nature.

When the borrower cannot pay the dues, the lender will possess all the legal rights to recover the outstanding loan amount by sale of the property in question.

    Types of Home Loans:

  • Home Purchase Loan: This is the loan that one takes for purchasing a home.
  • Home Improvement Loan: This loan covers expenditure related to repairs of your home or even renovation.
  • Home Construction Loan: This loan comes in handy when you are building a new house.
  • Land Purchase Loan: Someone wishing to buy a plot of land for constructing his/her own house can avail this loan.
  • Home Extension Loan: Suppose you plan to add another room, garage, bathroom or kitchen to your home. This is the loan that you should apply for and this also comes in handy if you are planning to have another floor.
  • Joint Home Loan: These are loans taken by two people or even more. For instance, spouses can apply for joint home loans.
  • Home Loan Balance Transfer: You can use this mechanism to switch your outstanding loan amount to a different lender with better terms and conditions and lower interest.
  • Top Up Home Loan: This kind of loan helps you borrow some more money above the outstanding loan amount. There are attractive rates of interest offered by Guideline Home Finance in case of top-up loans.

You can fill in our Online Home Loan application form and get approval easily. In case of loan applications made offline, you can drop by at the nearest Guideline Home Finance branch in your city or call us for more details, as well as know the tips to get your home loan approved instantly.

Checklist of Documents Required for Home Loan

The list of documents required to apply for a housing loan is as follows:

1. Completed Home Loan Application Form

2. Passport size Photographs

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

  • PAN Card
  • Passport
  • Aadhaar Card
  • Voter’s ID Card
  • Driving License

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

  • Aadhaar Card
  • PAN Card
  • Passport
  • Birth Certificate
  • 10th Class Marksheet
  • Bank Passbook
  • Driving License

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

  • Bank Passbook
  • Voter’s ID
  • Ration Card
  • Passport
  • Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)
  • LIC Policy Receipt
  • Letter from a recognized public authority verifying the customer’s address

    • 6. Income Documents: For Salaried Individuals

  • Form 16 (2 Years)
  • Certified letter from Employer
  • Payslip of letest 3 months
  • One Year Updated Bank Statement
  • Increment or Promotion letter
  • IT returns of past 3 years

    • Apart from the proof of income of the salaried individual, he would also have to furnish any investment proofs (like fixed deposits, shares, etc) and his passport-size photographs.

    Self Employed:

  • One Year Bank Statement
  • All the loan track if applicable
  • Income Tax Returns (ITR) of last 3 years
  • Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.)
  • Business License Details (or any other equivalent document)
  • The license of Professional Practice (For Doctors, Consultants, etc.)
  • Registration Certificate of Establishment (For Shops, Factories & Other Establishments)
  • Business Profile

    • 7. Property Documents:

  • A detailed estimate of the cost of construction of the house
  • Registered Sale Deed, Allotment Letter or Stamped Agreement of Sale with the Builder (original document)
  • Occupancy Certificate (in case of ready-to-move-in properties)
  • Property Tax Receipts, Maintenance Bills and Electricity Bills
  • All the change agreement relateed to flat, shop encase (Resell Property)
  • Receipts of the advance payments made towards the purchase of flat (original document)
  • An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
  • Original of the land tax paid receipt and possession certificate as issued by the revenue authority
  • Payment receipt or bank account statements showing payments made to the Builder or Seller
  • NOC from Society/Builder