What are the list of joint home loan documents?

Getting a home loan approved is indeed a nerve-wracking task. But one of the best ways in which you can get your home loan approved is to apply for a joint home loan. Joint loans are passed quickly because lenders can rely on more than one person to repay the loan EMIs. However, when you apply for a joint home loan, all joint members must provide the documents required for home loan. Here are all the documents you must submit to get your joint home loan approved.

·         Home loan application form

You need to provide a duly filled home loan apply document, i.e. the loan application form mentioning the names of both joint applicants. You must list the primary and secondary borrowers and specify the borrowing percentage. Moreover, you should check which combinations are applicable for joint loans. For instance, accepted varieties include husband and wife, father and son, and two brothers.

·         The ID and age proof documents

Another set of home loan documents needed for joint loans are ID proof documents. All joint applicants need to provide a photocopy of any of the government-approved ID proof documents from a long list of accepted papers. You can provide photocopies of PAN, Aadhaar, Passport, Driving license, or Voter’s ID.

·         Address proof documents

The list of documents required for home loan also includes address proof documents. The current addresses of all applicants applying for the joint home loan should be the same. Once again, you need to submit photocopies of government-approved documents bearing your address on it.

·         Employment proof documents

Lenders need to assess your employment status before granting you the loan. As such, you must provide your employment proof documents as well. Mention whether you are a salaried or self-employed individual and provide documents supporting the claim.

·         Income proof documents

All parties applying for the joint home loan are required to provide photocopies of their income proof documents. For instance, if you’re applying for a joint home loan with your spouse, both, you and your spouse have to provide copies of your last three to six months’ salary slips, photocopies of your filed ITR of the previous three years, Form 16 and other similar documents as required by the lender.

·         Property documents

Apart from the personal documents required for home loan, joint applicants must also provide the documents of the property they wish to purchase. You need to have documents such as the NOC from the builder, the occupancy certificate, registered sale deed and allotment letter, a copy of the floor/building plan, land-tax receipt and other property-related documents required by the lender.

In conclusion, to ensure that your home loan gets passed without any hassles, you must thoroughly check and submit the home loan apply document.