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To apply for a home loan, you need to submit a document list called the LOD. This allows the bank to determine if you are eligible and the property is legally safe to loan.
Your home loan application cannot proceed without the LOD. Banks use it to verify the property and your information before approving it.
You'll need to submit important paperwork such as the registered sale deed and either an allotment or possession letter, which depends on the state of the property.
A no-objection certificate (NOC) from the builder or housing society confirms that there are no legal or financial issues tied to the property.
If you're transferring your house loan to another bank, you'll need to send your existing loan statement as well as a letter stating that you can prepay or transfer it.
Some banks may also ask for a property valuation report. Plus, you'll need to share your home insurance proof and the latest property tax receipt.
The LOD is crucial if you're changing lenders. The new bank checks it to see your pending dues and property details before accepting your transfer.
To get the LOD, go to your current bank branch and submit a written request. Don't forget to include your loan number and reason for the request.