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What documents do I need to apply for a mortgage? (For India)

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What documents do I need to apply for a mortgage? (For India)

When applying for a mortgage in India, you'll need to provide various documents to verify your financial and personal information. These documents help the lender assess your creditworthiness and determine how much you can borrow. Here's a list of common documents you may need when applying for a mortgage in India:

1. Proof of Identity:
Valid governmentissued photo ID, such as a Aadhaar card, passport, voter ID, or driver's license.

2. Proof of Address:
Address proof documents like Aadhaar card, passport, voter ID, utility bills (electricity, water, gas), or rental agreement.

3. Income and Employment Proof:
Salary slips or income certificate from your employer.
Form 16 or income tax returns (ITR) for the past few years.
Bank statements for the last six months.
Employment verification letter from your employer.

4. Property Documents:
Property title deed or sale agreement.
Property tax receipts.
Approved building plan.
Noobjection certificate (NOC) from relevant authorities.
Encumbrance certificate.
Possession certificate or occupancy certificate.

5. Financial Statements:
Proof of your existing financial assets, such as bank account statements, fixed deposit receipts, and savings certificates.

6. Liability Documents:
Details of any outstanding loans or liabilities, including loan statements and repayment schedules.

7. Credit History:
Credit report and credit score, which can be obtained from credit bureaus like CIBIL, Experian, or Equifax.

8. Photographs:
Passportsized photographs of all applicants.

9. CoApplicant Information (if applicable):
Documents related to coapplicants, if you are applying for a joint mortgage.

10. Income Proof for SelfEmployed Individuals:
If you are selfemployed, you may need to provide income tax returns, balance sheets, and profit and loss statements for your business.

11. Additional Documents (as required by the lender):
Some lenders may request additional documents based on their specific requirements or the type of mortgage you are applying for.

It's crucial to work closely with your chosen lender to understand their specific documentation requirements and ensure that you provide all the necessary documents accurately and in a timely manner. Missing or incomplete documents can delay the mortgage approval process. Additionally, keep copies of all the documents you submit for your records.

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