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Home Mortgage Loan Requirements

Whether you are a businessman, self employed professional or salaried professional, you can easily apply for home mortgage loans. Banks provide loan against mortgage of property on an attractive rate of interests. Customer's profile, his financial standing and repayment capacity and the tenure of the mortgage loans applied for are the deciding factors for maximum amount of loan that can be sanctioned.

The amount of loan that you will be taking decides the repayment tenure. It increases or decreases with the amount of loan that you are taking. You can repay the home mortgage loans through Equated Monthly Installments or EMI. The interest rate for the loans can be paid either on fixed or floating basis. The prime leading rate is charged by the banks as interest. Certain banks also give discounts on the interest rates if you are an existing client or if you are a special case for them. However, it is totally at the discrepancy of the bank and its existing policies.

Documents Required for Home Mortgage Loans



If you want you can apply for mortgage loans online you can do so by filling up a form. Alternatively you may also visit the nearest branch of a particular bank. Usually the banks charge 1 to 2% of the actual loan amount as processing fee. There are certain documents required for mortgage loans. The usual checklist for application of mortgage loans includes the following:

Salaried Individuals:

  • Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
  • Address Proof (Ration card Tel/elect. Bill/ / Passport copy)
  • Bank Statements(latest 6 months bank statement /passbook)
  • Latest salary slip or current dated salary certificate with latest Form 16
  • Proof of ownership of fixed asset being mortgaged

Self Employed Professionals and Businessmen:

  • Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
  • Address Proof (Ration card Tel/electricity Bill/ Passport )
  • Bank Statements(latest 6 months bank statement /passbook)
  • Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs, certified by a CA
  • Qualification proof of the highest professional degree
  • Proof of continuation (Trade license /Establishment /Sales Tax certificate)
  • Proof of ownership of fixed asset being mortgaged
  • Other Mandatory Documents include
    • Sole Proprietorship Declaration or Certificate
    • Copy of Partnership Deed
    • Cert. Copy of MOA, AOA & Board resolution


All of the above clauses, however, may differ from bank to bank. Stay connected to homeloanshub.com to know more about home mortgage loan requirements.



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