All banks have a set of home loan rules and regulations which are almost uniform over all banks; only a few specifications may vary. Apart from the documents, there are also various factors that determine your chances of getting a home loan.

Below mentioned are the different factors that determine your home loan availability.
For identity verification, you will require any of the mentioned documents - Bank Passbook, Employee id, Voter’s ID card, Pan card, Passport, Driving License.

  • Age proof
  • For age proof, you will require - Birth Certificate, Bank Passbook, PAN card, 10th class mark sheet, Driving License, Passport.

  • Address proof
  • Bank passbook or bank account statement, Voter’s I card, ration card, passport, any kind of utility bill (electricity, gas, water, telephone bill)

  • Income proof for salaried employee
  • If you are a salaried employee, you will need to show your salary slips for 2 months, increment or promotion letter, Form 16, Income tax returns for 3 years.

    Apart from income proof, you will need to show investment proofs – which can be fixed deposits, investments in shares or mutual funds.

  • Income proof for self-employed
  • If you are self-employed, you need to mention a brief of his profession, last three years income tax returns with computation of income signed by a Chartered Accountant.

    Last 3 years profit & loss balance sheet duly signed by a Chartered Accountant.

  • Property documents
  • In the property documents, you need to include the following - Agreement of sale from the builder, possession certificate, land and location sketch, land or building tax paid receipts, letter of allotment, original proof of any advance payments made towards the purchasing of the property, NOC (no objection certificate) from the housing society or builder, detailed estimate of the construction of the house.

    Other than these documents, there are also few factors that affect the sanctioning of home loan.

    Your CIBIL score

    A higher CIBIL score enhances your possibility to get a home loan and having one before applying for the loan adds weight to your loan application process.

    So, it becomes necessary to repay all your debts, including credit cards or any previous loans on time to have a good credit score. Any outstanding debts or delay in payments affects the CIBIL score negatively leading to the cancellation of home loan.

    Adding a co-applicant

    The co-applicant can be your financially independent spouse or any of your children. A co-applicant with a higher CIBIL value can help you increase your chances of getting a home loan; this will help you to get a higher loan amount and will also reduce the EMI outflows. You can also reap higher tax benefits as compared to a single applicant.

    Before you leap for a home loan, it is necessary first to analyse your repayment capacity, that depends upon your income and your investments so that it doesn’t end up to be a costly affair.

    Click here to apply for a home loan.


    The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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