My ancestral property is long 1945. We are residing here. We are three brothers and we want to get a loan on this property. How should we proceed? What kind of papers will be needed?

In order to prove your eligibility for the mortgage loan, the following documents will be required:

• For Identification, you will require a PAN card, Aadhar card or a Voter ID Card
• For Address Proof, your passport, Aadhaar card, voter ID card, landline bill, registered rent agreement or driving license will suffice
• Your proof of income depends on the type of work you are in. If you are a salaried person, your bank statement and ITR form will be required. If you are self-employed, you must have your last three year’s ITR, profit and loss account of your business/ trade and the balance sheets of the same audited by a CA.
• If you are taking out a loan on a commercial property, you’ll require an ownership/ lease/ rent agreement/ utility bill

You will also require the following property documents:

• The Chain of Past Sale Deeds, Registered Sale Deed or Conveyance or Lease Deed
• The latest house tax return or a receipt of your building plan approved by the municipal corporation