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What is Home Loan ?
A home loan is a type of secured loan that banks and other financial organizations provide to people who want to buy, build, renovate, or expand a residential property. The built or acquired property serves as the loan’s collateral. Over a predetermined period of time, typically between five and thirty years, borrowers repay the loan in EMIs (Equated Monthly Installments).
Types of Home Loan Product
There are many types of home loan products coming under Home Loan category.
Home Construction Loan
A home construction loan basically provides lto build / Construct a property, and the fund releasing in stages as work progresses. It may be 3 phases or 5 phases.
Home Purchase Loan
A new home or flat/Apartment/Duplex purchase loan offers financing to buy residential property, providing flexible repayment options and fair rates.
Home Improvement/Renovation Loan
A home improvement or renovation loan required to upgrades, repairs, or remodeling, helping homeowners enhance comfort, value, and functionality with manageable repayment options.
Topup Loan
A top-up loan provides extra funds over an existing home loan, offering quick approval, flexible use, and with lower interest rate compare to Personal loan
Home Extension Loan
A home extension loan finances expanding your existing house, providing funds for additional rooms or space with convenient, structured repayment options.
Loan Against Property
A LAP loan offers funds by mortgaging residential or commercial property, providing higher loan amounts, lower interest rates, and flexible repayment terms.
Refinance / Takeover Loan
Refinance and takeover loans help replace existing costly loans with better terms, reducing interest, easing repayments, and improving financial savings.
Plot Loan
A plot loan offers financing to purchase land for future construction with flexible terms and convenient repayment options.
Documents Required for Home Loan
Documentation depends on the applicant’s profile. Find here documents required for home loan as per employe or self employed category.
- Completed and signed loan application form
- Recent passport-size photographs
- Identity Proof: PAN, Aadhaar, Passport, Voter ID, Driving License
- Address Proof: Aadhaar, Passport, DL, Voter ID.
- PAN Card (mandatory)
- Employment ID card (if applicable)
- Last 4 months’ salary slips
- Last 6 months’ bank statement showing salary credits
- Form 16 / Latest Income Tax Returns (ITR)
- Loan statements if availed any loans
- Completed loan application form
- Recent photographs
- Identity & Address Proofs (Adhaar /VoterID/Passport)
- PAN Card
- Business Registration Documents:
- GST registration
- Shop Act License/Trade License
- Adhaar Udyam
- Last 3 years ITRs with Computation of Income
- Last 3 years Balance Sheet & P&L accounts
- Last 12 months’ current account bank statements
- Last 06 months' Saving Account Statements
- Last 03 years Form 26AS
- GST certificate
(Doctors, Chartered Accountants, Lawyers, Architects, Consultants, etc.)
- Adhaar card / Voter ID card /Passport/DL
- PAN Card
- Professional qualification certificate
- Professional license (e.g., Medical Registration Number)
- Income Tax Returns for last 2–3 years
- Last 6–12 months’ bank statements
- Financial statements (if maintaining audited accounts)
HOME LOAN PROPERTY DOCUMENTS LIST
Find the property documents list product wise
Property Documents (Self Construction case)
(1).Title deed / Registration deed/Sale deed
(2). ROR copy / Mutation copy / Patta copy
(3)• Approved building plan with Municipality or Nagar Nigam or NAC Approval order copy
•(4)Property tax receipts Latest / Land Tax Receipt / Malguzari/ Khajana
•(5) NOC from builder/society/ Tenant (if applicable)
•(6) Construction cost estimate (in case of construction loan)
•(7) Actual working plan copy if the construction area is more and differ from approval plan.
Property Documents (New House/Duplex/Flat purchase case)
1. Flat Allotment order copy
2. Agreement for sale
3. Money Receipt (Amount already paid to Builder/Society)
4. Own Contribution proof ( Bank Statement reflecting Debit transaction of Adv/Booking Money)
5. Tripartite Agreement / Quapadratite Agreement (Between Banker, Builder & Customer)-If required.
6. Builder NOC (Format available in Concered Bank/Builder)
7. Floor Plan copy
8. Builder Demand Schedule or Demand Letter
Property Documents (Resale case / Old House purchase)
1. Agreement for Sale (Between Seller & Purchaser)
2. Money Receipt – (Booking Amount / Advance Amount /Token money already paid)
3. Own Contribution proof ( Bank Statement reflecting Debit transaction of Adv/Booking Money)
4. Seller’s Registration deed/Sale deed copy with ROR /Mutation order copy of property
5. Seller’s Latest Land Tax Receipt & Holding Tax Receipt of property
6. Seller’s Housing Plan copy with Housing Plan approval order copy
7. Seller Cancel Cheque or Latest Bank Statement
8. Location sketch of property
Refinance / Takover Documents :
1. Loan statement with Loan clouser statement reflecting Balance Outstanding
2. List of Original Documents mortgaged in Bank (LOD)
3. Sanction letter of the Loan
4. Property documents xerox copy which originals are mortgaged in Bank
Home Loan Sanction Process
- Loan Application Submission
– Customer submits the application along with required KYC, income, and property documents. Some banks Loan application process is online and in some Bank offline so check before submission. - Document Verification & Address verification
– The lender (Bank) verifies identity, income stability, property papers, and credit score (CIBIL). And also verify physically your current Residence address as per given documents and Employement address through third part channel. - Personal Discussion / Tele-verification
– If required Lender may call or meet applicant to confirm financial details and for queries raised in Credit. - Loan Eligibility Calculation
– Based on income, age, credit score, obligations, and property value. - Sanction Letter Issuance
– Loan amount, rate of interest, tenure, EMI, terms & conditions are mentioned.
Home Loan Disbursement Process
- Property Verification & Legal Check
– Lender’s legal team verifies title documents and builder’s approvals. Some bank verify inhouse and some bank use empanelled lawyer to verify. - Technical Inspection
– Physical inspection of the property to assess value and construction stage. A third-party empanelled Architect/Consultant will visit your property and give a valuation. - Signing of Loan Agreement
– Borrower signs the sanction letter and the loan agreement copy. Applicant & co applicants required to sign the Loan Agreement copy. Before visit check the Sanction letter and keep the required documents mentioned in Sanction letter. There may be some special condition mentioned by the bank which requires to deposit or to show. - Submission of Original Property Documents
– Originals are collected and kept until loan closure. After the Sanction and before the disbursement, the Bank required all original documents for the mortgage. The bank keeps all original documents in its locker/strong room. - Disbursement
- For ready property: Full amount disbursed to seller/builder.
- For under-construction property: Disbursed in stages as per construction progress.
In resale case : : Bank representative will present in the Registry office at the time of registration. After registration, he will release the banker cheque to the seller after receipt of the IGR Token or original current deed and with the previous owner’s Registration deed and other property-related documents in original.
Income Tax Benefit on Home Loan
Claim your tax benefit on principal & interest and reduce your tax burden.
Under Section 80C, customers get tax benefits only on the principal repayment of a home loan, not the interest. A portion of your monthly EMI payments go toward principal repayment. This principal amount—up to ₹1.5 lakh per year—can be claimed as a deduction under Section 80C of the Income Tax Act. You can save a lot of money by declaring this on your income tax return, which lowers your taxable income.
For a self-occupied property, the interest you pay on your EMI can be deducted up to ₹2 lakh annually. This amount is deducted from your taxable income, reducing the overall tax you need to pay.
As a result, your home loan becomes more affordable, and you save.
First-time homebuyers can claim an extra deduction of up to ₹50,000 on home loan interest, over and above Section 24(b), if the loan amount and property value meet the specified limits.