Keep These Documents Ready Before Availing a Mortgage Loan in India – Know Here!


There are certain situations that one might face in life where they are suddenly required to take care of big expenses. In such situations, if the savings are not enough to rely on, one good option to take care of the expenses is to apply for loan against property. Borrowers can apply for this loan by pledging their property as collateral. Now, since a loan against property is a secured one, the loan amount can be significantly higher than an unsecured loan. It is possible to find numerous lenders that offer loans against property at affordable interest rates.

If you are interested in applying for this loan, it is important to first keep in mind the documentation requirements of lenders. There have been cases where borrowers have faced difficulties in getting the loan simply because of inaccuracies in the documents that they submitted to the lender. This can easily be avoided by knowing the exact documents that the lender requires.

So, take a look at the documents required for mortgage loan:

  • Income documents

Income documents required by the lender would differ based on whether you are a salaried employee or self-employed professional.

  1. For salaried employees
  • Bank statement copies of the last 6 months
  • Salary slips (last 3 months)
  • ITR copy (form 16) of the last 3 years
  1. For self-employed professionals
  • Bank statement copies of both business and personal of the last 12 months
  • Profit and loss statements of the last 3 years
  • Balance sheet by a chartered accountant
  • Tax registration copy
  • Company registration copy
  • ITR copy filed for both personal and business for the last 3 years
  • Property documents
  • Latest maintenance bills
  • Copy of the latest electricity bills
  • Share certificate
  • Last sales deed chain
  • Copy of the lease deed/sales deed of the conveyance papers
  • Additional documents required for loan against property
  • Passport-sized photograph
  • KYC form
  • Loan application signed by the borrower (and co-borrower, if applicable)
  • Sanction letter or EMI payment receipts (proof of existing loans)
  • PAN card, Aadhaar card, passport, voter ID, driving license, or ration card (for proof of identity)

After submitting the mortgage documents, the lender will then review them. If everything goes smoothly, your loan application will be processed. Lenders are also known to send a representative for field visits of the property. Keep in mind that you may also have to pay a processing fee as well as stamp duty. After completing all the legal formalities, the loan against property will get sanctioned. The loan amount can get disbursed either in one single transaction or in 2/3 instalments.

Do keep in mind that the loan against property documents could differ as per each financial institution’s requirements. Not every lender necessarily has to follow the same terms, which is why it is very important to first inquire about their documentation requirements before you apply for the loan.