Taking a Home Loan is a tough job, not because it involves a lot of planning and calculations but due to the fact that the applicant has to go through a tedious and tiring documentation process. Even more, the person has to acquire the required information about the additional charges related to a Home Loan. Hence, below is an in-detail list of documents and all scheme related charges mandatory for a Home Loan.
Identity Proof: The first set of documents are used to verify your identity, your age, nationality and other details. The aim is to confirm that the applicant is who he/she claims to be. The basic KYC documents like Aadhar card, driving license, ration card, passport, and voter ID card can be used here.
Address Proof: The basic KYC documents mentioned above having your address can be used as address proof. Besides, you can also use utility bills, account holder passbook issued by national banks as a valid address proof.
Income Proof: Bank account statement, salary slips issued by the employer, and income tax receipts are generally accepted as a legal income proof.
Employment Continuity and Experience Proof: Latest month salary slips to confirm continuity, business registration certificate, ownership certificate etc. are legit documents to prove employment.
Moving on to the charges related to a Home Loan, the important ones are listed below.
- Interest Rate
- Processing Fee
- EMI Bounce Charges
- Penalty Charges
- Secure Fees
Final Nuts and Bolts: The documentation and charges are subject to lender’s policies and may vary accordingly. Therefore, proactively request information on documentation and Home Loan related charges from the lender before furthering the process.