Applying for a home loan requires proper documentation to ensure compliance, transparency, and a seamless process. Piramal Finance has outlined clear guidelines for KYC, OSV, and home loan documentation.
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KYC Documents
Proof of Identity & Address
Income Documents
Proof of Income
-
For Salaried
- Last 3 months salary slips
- Form 16
- Bank statements from the previous six months and pay stubs
- Documentation of the collateralized property
-
For Self Employed
- ITR for the previous two years, with computation
- CA audited financials wherever applicable
- 6 months primary bank statement
Property Documents
Land & property related documents
Property-Related Documents
Stamped agreement of the sale / Sales Deed or the letter of Allotment
NOC from the builder / housing society
Possession Certificate
Detailed Construction cost estimation
Bank Account Statement
In case of Constructed Apartment - Occupancy Certificate
Co-applicants
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
Co-applicant can be spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t income-ownership grid)
All co-owners of property should be on loan structure
Friends cannot be co-applicants (allowed only if they are coming in the capacity of Partners / Directors / Shareholder)
Passport Size photographs
Documents Required for a Home Loan
A home loan is a secured loan that helps individuals purchase their dream property. Borrowers repay the loan through Equated Monthly Installments (EMIs), and the property itself serves as collateral. In case of non-repayment, the lender has legal rights to recover the loan amount.
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Row 1
- Document Type
- For Self-Employed Individuals
- For Salaried Individuals
-
Row 2
- Photo ID Proof
- Aadhaar card / Pan card
- Aadhaar card / Pan card
-
Row 3
- Residence Address Proof
- Aadhar card
- Aadhar card
-
Row 4
- Office Address Proof
- GST Registration Certificate / Trade License / Partnership Deed / Import Export Code / SEBI Registration Certificate / Memorandum of Association / ROC Registration Certificate
- Not applicable
-
Row 5
- Income Proof
- P/L Account and Balance Sheet for the previous three years, ITRs of the last three years, bank account statement of business account
- Bank account statement of salary account, salary slip of the last three months, Form 16
Application Form
Requirements:
- A duly filled application form with the latest photograph is mandatory for all borrowers.
- For partnership firms/corporates:
- The form must be signed by a partner, director, or authorized signatory, stamped, and include their photograph.
- The signatory must also act as a co-applicant for the loan.
- Photographs must be signed across.
Signature Verification
- Mandatory Proofs:
- PF cheque clearance/ECS mandate attestation.
- Banker’s signature verification.
- Signature on the registered sale deed.
- For Non-Income Contributor Co-Applicants:
- A self-declaration affidavit is required.
PAN Norms
- Submission Requirements:
- PAN is mandatory for all applicants.
- Alternatives to PAN:
- In the absence of PAN, provide:
- Form 60
- Aadhaar card
- One additional ID proof such as Passport, Driving License, or Voter ID.
- Applicability of Alternatives:
- Non-income contributors.
- Income contributors with property transactions below ₹10 lakhs.
- e-PAN:
- Accepted as a valid document.
Proof of Age/Date of Birth
- Documents Required:
- Birth Certificate (issued by a Government body).
- School Leaving Certificate (Class 10).
- Life Insurance Policy.
- Alternative Proof:
- If the full date of birth is unavailable, refer to the application form for the date and month. Ensure the year of birth matches across PAN/OVDs and the application form.
Relationship Proof
- Mandatory in Cases Where PAN/OVDs Do Not Suffice:
- Accepted documents include:
- School Leaving Certificate (with parent names).
- Government-issued Birth Certificate.
- Marriage Certificate.
- Notarized Relationship Affidavit.
- Bank statement or passbook proving the relationship.
- Ration Card.
Loan Agreement:
- A signed loan agreement is mandatory for all borrowers.
Additional Documents:
- Memorandum of Entry and Declaration.
- NACH Form for EMI repayment.
Cheque Requirements:
- Undated Cheques:
- Four cheques are required:
- One cheque mentioning the loan amount.
- Three cheques for an amount equal to three times the EMI.
- Cheques must include the annotation "Not to exceed Rs. ........".
- No stamps to be used; all cheques must be handwritten.
Requirement of PDCs/SPDCs:
- 1 SPDC for the entire loan amount.
- 3 SPDCs for EMIs.
- 2 BPI Cheques.
- Photocopy of cheque.
Additional Guidelines
KYC Compliance:
- All KYC documents must be valid and certified by authorized PIRAMAL FINANCE personnel.
A signed loan agreement is mandatory for all borrowers. - Documents must carry the "Original Seen and Verified" (OSV) stamp with the employee’s name, ID, and signature.
Customer Consent:
- Consent for C-KYC, V-KYC, and Digital Offline KYC processes is mandatory.
- Self-attestation is required for physical or link-based KYC.
Making Sure Everything is Right for a Smooth Loan Process
Piramal Finance wants to make the loan application process easy and safe. By following the rules for documents and KYC, borrowers can get their home loans approved and paid out more quickly. If you have any questions or need help, contact our customer care team today! For more information on KYC guidelines, refer to the official RBI links & NHB links for reference –
https://www.rbi.org.in/commonman/english/scripts/Notification.aspx?Id=1582
Home Loan Documents: Borrower Scenarios and Practical Tips
Different types of borrowers may need to provide additional documents based on their financial profile. Below are common borrower scenarios and tips to ensure a smooth home loan application process.
-
Row 1
- Borrower Type
- Scenario
- Required Documents
- Practical Tip
-
Row 2
- Salaried Borrower
- A salaried individual with a stable income applies for a home loan.
- Salary slips for the last 3 months
Form 16 from the employer
Latest 6 months' bank statements
Employment verification letter - Ensure that salary credits match
your bank statements to avoid discrepancies
during the loan
verification process.
-
Row 3
- Self-Employed Borrower
- A self-employed professional applies for a home loan.
- Profit & Loss statement and balance sheets for the last 3 years
Income Tax Returns (ITRs) for the last 3 years
Business registration proof (GST, Trade License, etc.) - Maintain a strong banking track record
and clear tax returns, as lenders assess
financial stability and
consistent cash flow.
-
Row 4
- NRI (Non-Resident Indian) Borrower
- An NRI applies for a home loan for property purchase in India.
- Passport and valid visa copy
Overseas bank account statements for the last 6 months
Salary slips/Income proof from overseas employer
Power of Attorney (if applicable) - NRIs should appoint a local representative
to handle legal formalities and
notarize documents
as per RBI regulations.
-
Row 5
- First-Time Homebuyer
- A first-time homebuyer with minimal financial history applies for a home loan.
- Standard KYC documents
Proof of down payment savings
Credit report with a good score - First-time buyers should build a strong credit
history by maintaining credit card
payments and personal loan
repayments on time.
-
Row 6
- Co-Applicant/Joint Loan Borrower
- A borrower applies for a home loan with a co-applicant (e.g., spouse, parent, sibling).
- KYC and income proof of both applicants
Relationship proof (if required)
Credit reports for both applicants - A strong co-applicant profile
can enhance eligibility
and secure better loan terms.
Benefits of Getting Home Loan from Piramal Finance
When you get a home loan, you are creating an asset instead of taking on a liability like other loans. This asset in most cases will only appreciate with time. This makes taking a home loan quite advantageous.
You can Get your Dream house.
A home loan can turn your dream into a reality. It makes buying a house affordable.
Repay as per your Pocket
Home loans are quite flexible. You can choose a repayment term for as many as 30 years, making the monthly installments well within your reach. You can select an EMI according to your budget to repay the loan.
Tax Benefits
Considered to be the biggest tax-saving instrument, home loans allow you to save a great deal. Under Sections 24, 80C, and 80EEA of the Income Tax Act, you can claim up to INR 5 lakhs as a tax deduction.
Growth of your Assets
Your house is an asset that can offer you the highest appreciation benefits. Unlike a car, the value of this asset will not decrease because of depreciation.
Easy Procedures
With Piramal Finance, from your loan application to the payment journey, the procedures are easy-to-understand and transparent. Our dedicated customer care team offers you constant support whenever you need it. Even evaluating any specific documents required for home loan will your home loan process faster.
Types of Home Loans
A home loan has a much wider scope and not just buying a new house. There are various types of home loans:
Construction Loan
With a construction loan from Piramal finance, the perfect home for you is easily within reach...
Construction Loan
90% of Property Cost
Loan tenure up to
30 years
Interest rates starting at
9.50% p.a
Renovation Loan
With a Home Renovation Loan, you can keep your hard-earned savings and investments untouched and pay off...
Loan amount
₹ 5 Lakhs - 2 Crores
Loan funded up to
30 years
Interest rates starting at
9.50% p.a
Extension Loan
You may simply enlarge your own home in utmost comfort with a home extension loan from Piramal finance...
Loan amount
₹ 5 Lakhs - 2 Crores
Loan tenure up to
30 years
Interest rates starting at
9.50% p.a
Frequently asked questions
Not providing the required documents can cause delays in processing your application. It may even lead to a rejection. These documents also help us to determine the home loan amount and interest rate you qualify for.
If you are missing some documents, contact Piramal Finance customer care. You can also visit the nearest branch to discuss your situation. They may offer options if you show you can repay the loan. You also need to give good reasons for missing documents.
- For Salaried Individuals: Aadhaar Card, PAN Card, salary slips, and bank statements.
- For Self-Employed Applicants: Proof of business stability and a business profile.
These documents are important for the home loan application process, even without an ITR. If you do not have a pre-approved offer, it is best to contact the bank representatives directly.
Typically, lenders finance 70% to 90% of the property's market value. For example, if your property is worth ₹75 Lakhs, you may qualify for a home loan of up to ₹60 Lakhs (assuming 80% financing). To maximize your borrowing capacity, maintaining a strong credit history and providing accurate financial details is crucial.
The current home loan interest rate at Piramal Finance starts from 9.49% per annum. The exact rate depends on several factors. These include the applicant’s credit score, loan amount, and the type of home loan.
Qualified applicants can enjoy good interest rates for both variable and fixed-rate loans. They can also benefit from lower EMIs and no prepayment penalties for floating rate loans. These factors ensure tailored financial solutions to match individual loan requirements.
