Is It Possible to Get a Home Loan Without Property Documents

Borrowers must submit documents related to their identity, income, property, etc., before getting an approval for a Housing Loan. However, what happens in case you don’t have the requisite Property Documents? Is it possible to get a Home Loan without the documents? Read this post to find out.

Documentation is one of the most critical aspects of the Home Loan process. All the different documents related to the borrower's identity, income, and the property that they wish to purchase helps the loan providers verify and approve the loan applications. But what if you don’t have the property documents, as you are yet to finalise your dream home? Is it still possible to get a Home Loan without property documents? Read on:

Why do Lenders ask for Property Documents?

There are multiple reasons why borrowers must submit their property documents for Loan approval and disbursal. For instance-

In the case of an under-construction property, it allows the Lender to ensure that the property you are purchasing is being developed by a reputed Builder
If it is a fully constructed or resale property, these documents help the Lender ascertain that the seller is genuine and that the property meets all the legal obligations
As a Home Loan is a secured loan, the original property documents, like Title Documents, are kept with the Lender, throughout the loan tenure.

What are the Property Documents required for a Home Loan?

Here are the property-related Home Loan documents you should submit for a Housing Loan-

Allotment Letter, stamped Agreement of Sale, or Sales Deed
NOC from the Builder or Housing Society
Possession Certificate
Land tax receipt from the Revenue/Land Revenue/Land department
Occupancy Certificate for a fully constructed property.

Is it possible to get a Home Loan without submitting the Property Documents?

As verified Property Documents play a critical role during Home Loan approval, it is not possible to get a Housing Loan without the required documents. However, if you are in the process of house hunting, a smarter alternative is to get a pre-approved loan.

A pre-approved Home Loan does not require property-related documents and helps you figure out an estimated loan amount based on your eligibility. It can help you fix your budget and accelerate the loan approval process once you've finalised the property.

What are the benefits of a pre-approved Home Loan?

Here are some of the top reasons to consider a pre-approved housing loan:

Provides an estimated loan amount, based on your eligibility
Makes house hunting easier, as you are aware of your budget
Faster Home Loan Sanction, once the property is finalised
Does not require property-related documents
Lender can also provide a list of quality projects in the selected locality to help borrowers with the selection.

Home Loan and Property Documents

As property-related documents play a crucial role during the Home Loan approval and disbursement process, no Lender will approve your Loan Application without the required documents. If you are yet to finalise a property, you can consider getting pre-approved for the loan, as it can make the documentation process easier, once you make the selection.

Look for a reputed Lender that offers a pre-approved Home Loan, to enquire about your eligibility, thus adding a confidence in your stride during your home search.