Home Loan Sanction Without Documentation

May 22, 2019


Buying a home is one of the most important financial decisions of your life. The best way to own a house of your dreams is by taking a Home Loan. A Housing Loan is a loan granted by banks and financial institutions to purchase a house. Getting a Home Loan, though, involves one big hassle-documentation.

Pre-Approved Home Loan / Instant Home Loan

It is advisable to get a pre-approved Home Loan before you select your property. There are many pre-approved Housing Loan benefits. Pre-approved Home Loans are also called Instant Home Loans. Following are some instant Home Loan benefits:

  • You get a quick Home Loan approval
  • With the Home Loan approval process taking place in a quick and easy way, you can check with your lender about good properties available at a location
  • It helps you fix an exact budget, which makes your home search focussed
  • If you have a pre-approved Home Loan, you can negotiate better in getting the best deal possible
  • There will be some projects that are approved by your lender. This means you get to choose quality projects with less number of property documents to worry about.

Home Loan Eligibility

Home Loans cater to all your housing finance related needs. To determine your ability to get instant Housing Loan approval, i.e., your housing loan eligibility, the lender needs you to submit certain documents. The documents ascertain the source, frequency, consistency, and continuity of your income. As Home Loans are secured loans, your lender needs to check your property documents before they approve your loan. Different lenders have different criteria and requirements for sanction and disbursement of Home Loan.

Why are Documents Required to Avail of Home Loan?

Documentation is a vital part of availing a Home Loan as it is the only way by which banks can know customers in a better way. Particularly, documents are required for the following reasons:

  • To identify your financial records
  • To verify your credit score
  • To know your nationality and age
  • To know your monthly income

Who Can Get a Home Loan?

You can get a Home Loan whether you are salaried or self-employed. Terms for both the kinds of applicants are the same with the only difference being in the set of documents required to be submitted. Generally, salaried individuals need to provide fewer documents.

Documents Required from Salaried Individuals

  • Income tax return form
  • Employment letter
  • Past three months’ salary slips
  • Past six months’ bank statements

If you have a Salary Account with the bank from which you are availing a Home Loan, you can get a Home Loan sanction without documentation.

ICICI Bank Instant Home Loan

ICICI Bank Instant Home Loan is a pre-approved Home Loan only for the customers who have a Salary Account with ICICI Bank. You can avail of pre-approved Home Loan using ICICI Bank Internet Banking and generate a Home Loan sanction letter in a few clicks.

Below are the steps to get an Instant Home Loan sanction:

Step 1: Select your Home Loan offer

Step 2: Pay discounted processing fee

Step 3: Download sanction letter

The loan amount is based on your salary credits appearing in your bank account. The sanction letter is valid for six months from the date of issuance. That means in six months of time, you can avail of the disbursement. Nevertheless, at the time of Home Loan disbursement, you need to submit the following documents:

  • Property documents
  • Disbursement documentation
  • Co-applicant documents
  • Other documents as per the property

Thus, Home Loan sanction without documentation is a reality. Instant Home Loan smoothens the process of Home Loan sanction as you do not submit any documents to get the approval for Home Loan.



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