In the present real estate market, purchasing a resale house can be a financially responsible choice. However, handling the complexities of getting a house loan could seem overwhelming, mainly when gathering all the required documentation. This post provides a comprehensive overview of the paperwork requirements for using ICICI Home Loan to buy an existing home.
Understanding Home Loan
A home loan is a type of funding that lets people borrow money from banks to purchase homes. The borrowed sum is returned within the specified time limit and in specified installments. Becoming a homeowner is more convenient with a home loan and doesn’t require paying the whole sum at once.
The Home Loan Calculator: What Is It?
If you are prepared to purchase a previously owned property, you must understand why using the calculators like the ICICI home loan calculator is essential. With the help of this helpful application, prospective buyers may calculate their monthly payments precisely by adjusting for loan amount, interest rate, and length of payment period. With this cutting-edge ICICI home loan calculator, prospective homeowners may make more informed decisions about their future home budgeting necessities and better manage financial planning options.
Documents Required
Identity and Address Proof:
Present a valid identity and address proof to verify your identity and address for smooth loan processing. These documents include –
- Aadhar Card
- Passport
- Voter ID
- Driving License
- Utility bills (electricity, water, gas)
Employment Proof:
Demonstrate job stability with the correct employment proof from your current employer, assuring a secure income source for the home loan provided. These documents include –
- Employment certificate from the current employer
- Appointment letter
Income Proof:
Submit valid income proof from your employer for a comprehensive overview of your financial standing. These documents include –
- Salary slips for the last three months
- ITR (Income Tax Returns) for the last two to three years
- Form 16 from the employer
Bank Statements:
Provide bank statements offering a detailed insight into your financial transactions and ensuring transparency for the lender. These documents include –
- Bank statements for the last six months
- Statements of existing loans, if any
Property Documents:
Secure your property ownership with essential property documents. These documents include –
- Sale deed of the resale property
- Original property tax receipts
- Approved building plan
Legal Documents:
Facilitate a hassle-free process with critical legal documents. These documents include –
- Encumbrance Certificate
- NOC from the builder or housing society
Credit Score:
- A strong credit rating increases the chances of loan approval. Therefore, maintaining an excellent credit history is advised for a hassle-free borrowing experience and commending loan terms.
Wrapping Up!
Purchasing a resale property involves considerable financial commitment. The good news is that prospective purchasers can feel more confident in the procedure, thanks to ICICI Bank’s home loan services. A hassle-free loan approval process depends on ensuring the necessary documentation is carefully gathered. Additionally, people can better plan their budgets by comprehending the financial impacts of borrowing money using ICICI’s mainly built home loan calculator.
Buying resale homes with the help programs like the ICICI Home Loan program, appropriate documentation, and intelligent financial planning strategy can increase your chances of making sound financial decisions that will become simpler to manage in the long run.
