Finding and affording a property in Ghaziabad is a dream come true for many. However, considering how high the prices of property in this can be, it can be quite difficult for someone to be able to procure the entire amount by themselves. But that is the purpose of applying for Home Loan in Ghaziabad and with its help one can buy the house of their dreams in this city. However, there are certain documents which have to be provided while applying for a Home Loan and as soon as one considers for applying for the same, they should start organizing the papers. Although modern loan application procedures require very little paperwork and most of the work is completed online, the documents are verified at the last stage of the application and the final decision of the creditor to disburse the loan or not depends on the authenticity of the documents.
The documents required for Home Loan are as follows.
● Application Form with Photograph Duly Signed: The application form, duly filled with all the information correctly filled up and with a recent photograph has to be submitted. It has to be signed by the applicant as well.
● Identity, Residence and Age Proof: The applicant has to provide a photo ID and age proof. He should also provide an address proof and documents like Voter ID are best suited for the purpose. One has to be sure that the information on the application form be the same as the document.
● Last 6 Months Bank Statements: The applicant has to provide the bank statement of the last six months to prove the steady flow of income.
● Last 3 Months Salary-slips: The salary slips of the last three months have to be submitted to prove that the applicant is employed and is getting regular payment.
● Processing Fee Cheque: The processing fee for the loan has to be paid along with the application and the cheque has to be submitted along with it.
● Form 16 / Income Tax Returns: The IT returns of the last three consecutive years have to be submitted and any Form 16 that were submitted to the bank.
While the above documents are required for all applications for Home Loan, the following are required in addition for those who are self employed.
● Proof of Business Existence: Self employed people usually have businesses of their own and to prove that they need to file papers relating to their TAN or sales taxes. The address proof of the factory, workshop or warehouse should also be provided.
● Education Qualification Certificate: All the educational qualification papers, like certificates of graduation or post- graduation, along with any certificate of vocational course one may have done should be submitted.
● Last 3 Years Income Tax Returns with Computation of Income: The IT returns of the last three years have to be submitted with a computation of the income to reveal the regularity of income. The audited balance sheet and the Profit and Loss Account for the last three years has to be submitted, certified by a CA.
After all the documents are in place one can also use the Home Loan EMI calculator to calculate how much they would have to pay each month if they are to afford a house in Ghaziabad. The calculator is an online tool and one has to provide certain information in it like the amount of monthly one has, the tenure of the loan, the interest rate that the bank or the NBFC is charging, any other EMIs that they applicant is currently paying, and whether the applicant has any other source of income like rent from an existing property. Taking all these factors into consideration, the calculator will show the amount of EMI one would have to pay each month and considering all the financial aspects, if one thinks they would be able to afford it, then one should go ahead with the application and submit all the above mentioned documents.