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What documents do I need to apply for a home renovation loan?

Curious about Home Renovation Loan

What documents do I need to apply for a home renovation loan?

The specific documentation requirements may vary slightly among different lenders, but here are some common documents typically required to apply for a home renovation loan in India:

1. Identity Proof: Aadhaar card, PAN card, passport, voter ID card, or any other governmentissued identification document.
2. Address Proof: Aadhaar card, utility bills (electricity, water, gas), passport, or any other document verifying your residential address.
3. Income Proof: Salary slips, bank statements, income tax returns (ITR), or other documents that demonstrate your income and financial stability.
4. Property Documents: Ownership proof of the property being renovated, such as sale deed, property tax receipts, or possession letter.
5. Renovation Details: Documents providing details about the proposed renovation project, including estimates, contractor agreement, or architect's plans.
6. Bank Statements: Typically, lenders require bank statements for the last 6 months to assess your financial stability and repayment capacity.
7. Employment Proof: If you are a salaried individual, you may need to provide employment proof such as a job offer letter or employment contract. If you are selfemployed, you may need to provide business registration documents, GST returns, or other relevant documents.
8. Credit Score: Some lenders may request your credit score and credit history to assess your creditworthiness. You can obtain your credit score from credit bureaus like CIBIL, Equifax, or Experian.

It's important to note that the documentation requirements may vary based on the lender's policies and the loan amount you are applying for. It is advisable to check with the specific lender you intend to approach for a home renovation loan to understand their exact documentation requirements.

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