Home Loan

Documents for Home Loan

Please note these requirements are for Indian Citizens.

  • Salaried Individuals
  • Self-Employed/Businessmen
  • If a flat is purchased from the builder
  • If the property is being purchased is in Cooperative Society
  • If constructing on own land

Below are the lists of documents required for availing of home loans for various business and property categories. Please click on the categories mentioned above to view the list.

Salaried Individuals:

Salary slip/Form 16 A.
A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills.
A photocopy of Investments (FD Certificates, Shares, any fixed asset etc. or any other documents supporting the financial background of the borrower.
A photocopy of LIC policies with the latest premium payment receipts (if any).
Photographs (as applicable).
A photocopy of bank statement for the last six months.

Self-Employed/Businessmen:

A brief introduction of Business/Profession.
Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA.
A photocopy of Advance Tax payments (if applicable).
A photocopy of Registration Certificate of estatblishment under shops and Establishments Act/Factories Act.
A photocopy of Registration Certificate for deduction of Profession Tax (if applicable).
Bank statements of Current and Saving accounts for the last 6 months.
A photocopy of Certificate of Practice(if applicable).
A photocopy of any bank loan (if applicable).
A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.
A photocopy of LIC policy (if applicable).
A photocopy of investments (FD Certificates, Shares, any other fixed asset).

If a flat is purchased from the builder:

Original copy of your agreement with the builder.
7/12 extract or property register card of the land under construction.
Index II extract of your agreement with the builder.
Copy of N.A. permission for the land from the collector.
Search and title report (with the details of documents) for the last 30 years.
Development agreement between the owner of land and the builder.
Copy of order under the Urban land Ceiling Act.
Copy of building plans sanctioned by the competent authority.
Commencement certificate granted by Corporation / Nagar Palika.
Building completion certificate(if available).
The latest receipts of taxes paid.
Partnership deed or memorandum of association of the builders firm.

If the property is being purchased is in a Cooperative Society:

Original share certificate of the Society.
Allotment letter from the society in your name.
Copy of the lease deed, if executed .
Certificate of the registration of the society.
Copy of the byelaws of the society.
No objection certificate from the society.
7/12 extract or property register card in the society’s name.
Copy of N.A permission for the land from the collector.
Search and title report(with the details of documents) for the last 30 years.
Copy of order under the Urban Land ceiling Act.
Copy of the building plans sanctioned by the competent authority.
Commencement certificate granted by Corporation / Nagar Palika.
The latest receipts of taxes paid.
Original Agreement to assign / Deed of assignment.

If constructing on own land:

Original sale deed of land and extract of Index II.
/12 extract or property register card in your name.
Copy of N.A. permission for land from the collector.
Search and title report (with the details of documents) for the last 30 years.
Copy of order under Urban Land Ceiling Act.
Copy of the building plans sanctioned by the competent authority.
Building permission granted by Corporation / Nagar Palika.
The latest receipts of taxes paid.
Estimate of cost of construction certified by the architect.

Home Insurance
It takes a whole lifetime of savings to build a house. And one cannot predict a natural calamity like earthquake. In recent times we have seen what disaster an earthquake or any other natural calamity such as floods, landslides and torrential rains can wreck. Hence home insurance is very important.

Home insurance policy also protects against other hazards like gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary. Home insurance policy can be divided into two parts:

  • Building structure
  • Contents inside the home

Insurance Covers for a Building Structure are:

  • The Fire and Special disaster cover
    This is a comprehensive packaged cover that covers damages to the structure of home due to

Fire
Storm, tempest, flood & inundation
Riot, strike & malicious damage
Lightning
Explosion & implosion
Aircraft damage
Damage due to impact by vehicles
Subsidence, landslides and rockslides
Bursting and/or overflowing of water tanks, apparatus and pipes
Missile testing operation
Leakage from automatic Sprinkler installations
Bush fire

  • Earthquake Cover

Covers damages to the structure of your house due to earthquake.
Terrorism Cover
Covers damages to the structure of your house due to acts of terrorism.
A home insurance does not cover the market value of the home. The price of the home includes the cost of the land and the cost of constructing the building structure on this land and the land cannot be insured. The insurance cover is only for the cost of constructing the building. The sum insured is calculated by multiplying your home area by the construction rate per sq. feet.

  • Insurance Cover for Contents Inside the Home

This cover is only for damages or loss of the contents inside the home -electronic and electrical goods, furniture and fixtures, clothing, jewelry and any other contents inside the home. The covers that can be taken for the contents are as follows:

The Fire and Specials Perils Cover
Earthquake Cover
Burglary
Loss / damage to contents due to burglary or an attempted burglary
Loss of jewelry, gold ornaments, silver articles and precious stones kept under lock & key
All the contents are covered on the market value of the items. This means that if there is a loss, the claim would be paid on the value of purchasing a similar new item, minus depreciation.

Top Home Insurance Companies of India
Some of the top most companies providing household insurance in a hassle free manner are listed here.

1.  ICICI Lombard General Insurance Co. Ltd.

ICICI LOMBARD is India’s number one general insurance company. You can assure your peace of mind if you get your house insured by ICICI LOMBARD. They provide insurance of home as well as household goods. They offer simple and fast documentation and also digitally signed documents through an online interface.

Website : http://www.icicilombard.com/

 

2.  IFFCO Tokyo General Insurance Co. Ltd.

IFFCO TOKIA is one of the prominent companies in India. They are one of the top most companies in insurance. They offer 40 unique customized policies. They are of great help to those people who leack knowledge and information about quality insurance products.

Website : http://itgi.co.in/index.html

 

3.  National Insurance Co. Ltd.

National Insurance Company Ltd is the oldest existing insurance company in India. Under its home insurance policy it insures your home and also its contents. It covers a number of risks under single policy.

Website : http://www.nationalinsuranceindia.com/

 

4.  New India Assurance Co. Ltd.

The New India Assurance Company Limited provides home insurance in a hassle free manner.

Website : http://www.niacl.com/

 

5. Tata Aig Life Insurance Co. Ltd.

Tata AIG is India’s leading insurance company providing both Life and General Insurance. They provide home insurance at a very nominal rate.

Website : http://www.tata-aiggeneral.com/

 

6.  United India Insurance Co. Ltd.

United Insurance is one of the foremost general insurance Company. Customer satisfaction and admiration is their best reward. Their offices are spread throughout the country.

Website : http://www.uiic.co.in/

 

7.  General Insurance Corporation Of India

General Insurance Corporation Of India gives finance to build home or to purchase a new one.

Website : http://www.gicofindia.com/