Hey,

Hope you had a great week! We too had a great week with a lot of developments happening at WhatsLoan. With the launch of Digital Loan Key (a Unique Financial Identifier), we are close to providing a seamless, paperless, and frictionless due-diligence for the home loan process.

We are now in the second chapter of this Digital Loan Series. While deciding what should be the next in the series, we identified a very common problem that the general customers go through.

Once you apply for a home loan (digital or offline), the loan representatives ask you for the required documents. Very often people miss out on one or two documents and this adds to the total turnaround time. Without all the required documents in place, the loan application is not processed further.

We recommend you to have all these in place beforehand so that once you apply, you are loan ready with all the required documents.

We have structured all the documents into 5 broad categories:

1. Loan Application Form Duly Signed

When you apply for a home loan, you receive an application form from the lender. Different lenders have non-identical loan application forms (At WhatsLoan, we are digitizing the form so that you can fill in online at your ease. Subscribe here to stay tuned for the updates).

You are asked to fill in all the details in the form. In general, the application form asks you:

• Current Residential Address
• Permanent Address
• Employee/ Business Name & Address
• Existing Loan Details
• Bank Account Details
• Loan Details (Usage and Transaction Type)
• Property Details
• Two references (who are not related to you)
• 3 photos

Note: The form has to be filled by all the co-applicants with corresponding photographs attached.

2. Processing Fee Cheque

The lenders ask you for a processing fee, which is generally 0.5 to 1% of the total loan amount. You are expected to have the cheque ready once you are asked for the documents submission.

3. Property Documents

You can get these documents from the builder who is providing you the home.

• Allotment letter from the builder
• Agreement of sale / Sale deed (Original)
• Registration and Stamp Duty Receipt
• NOC from the builder (Original)
• Own Contribution Receipt
• An approved copy of the building plan
• Receipts for taxes paid for Building and Land, certificate of possession, and certified sketch of the location of property from revenue authorities.
• A detailed estimate of construction cost.

Note: Make sure you carry the required documents with you. Also, it is recommended that you keep two sets of photocopies of all the documents with you.

4. KYC (Know Your Customer) Documents

• Identification Proof (Anyone: Driving License/ Ration Card/ Passport/ PAN card/ Voters Id card/ Employee ID/ Bank Passbook)
• Age Proof (Anyone: PAN card/ Birth certificate/ 10th class marksheet/ Bank passbook/ Passport/ Driving license)
• Address Proof (Anyone: Bank passbook or Bank account statement/ Voter’s ID/ Ration card/ Passport/ Utility bill (telephone, electricity, water, gas) — less than 2 months old/ LIC policy/ receipt/ Letter from a recognized public authority verifying the customer’s residence address)

Do you know? You can upload/ retrieve all these documents through your unique financial identifier (Digital Loan Key)? This key unlocks your verified legacy documents and empowers you to share with the lenders digitally within a minute.

5. Income Documents

For Salaried Individuals

• Salary slips for the last 2 months or salary certificate
• Cash Salary — Income details on Company Letterhead (Salary up to Rs.30,000 p.m.)
• Copy of bank statements for the past 3 months (salary account)

For Self-Employed Professionals

• Certificate of qualification for professionals: CA, Doctors or Architects
• Copy of last two years’ income tax returns, along with computation of income
• Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable.
• VAT or Service Tax returns or TDS Certificate
• Bank statement for the last 6 months (Savings account, current account, and O/D account)

Self-Employed Non Professionals

• Copy of your last two years’ income tax returns, along with computation of income
• Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable
• VAT or Service Tax returns or TDS Certificate
• Bank statement for the last 6 months (Savings account, current account or an O/D account)

Do you know? You can upload/ retrieve all these documents through your unique financial identifier (Digital Loan Key)? This key unlocks your verified legacy documents and empowers you to share with the lenders digitally within a minute.