Documents Needed in Home Loan Application

 Documentation plays a crucial role in the whole process, as it helps the lenders to know their customers in a better way. Since the home loan is a secured loan, therefore, the documentation process is a bit complicated.
Financial institutions and banks ask for various documents required for a home loan because of the following reasons:


1. To know the age and the nationality of the loan applicant: As home loans are a long term loan and the applicant should be at a certain age that he/she could repay the loan.

2. Financial documents tell the lender about your credit history and repayment capacity. For example, if you have ever missed any EMI or due payment for an existing loan, then it will be clearly visible in your bank statement.

3. The credit score is of utmost importance as if it is not as per the requirement of the bank or NBFC, then they will reject the loan application.

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