Transaction Profile: Kyc Profile Form: Fill & Download for Free

Documents required by a bank can typically be classified into two categories.(B) Documents required for sanctioning the loan. These documents typically include the followingApplication Form with photograph duly signedKYC Documents:One of the following documents as proof of Identity and Address also known as officially valid documentsPassportDriving LicenseVoter IDPAN CardAdhaar cardNREGA Job CardIf the above documents are not containing your address proof, then additionally you have to provide separate address proof by way of a Telephone bill or Electricity bill OR Gas Bill etc. Without these documents one cannot go aheadIn addition to this Office address proof may be required3) Documents in support of Income and financial stabilitySince to be eligible for home loan Income level is a prerequisite, it is necessary to produce following documents in support of consistent incomeLatest 6 months’ bank statement (salary account for salaried, Current Account for self-employed)( To get transaction profile and existing outflows if any)Latest 3 Months Salary Slips ( To verify Consistency of Salary Income)Form No-16 or IT returnsComputation of Income( for businessmen)Balance Sheet and PL Account( For business men)Proof of repayment track record of existing loans if anyLetter from employer regarding Employment stabilityIncorporation details with supporting documents for businessmen to ascertain business vintageDetails of Assets and Liabilities to ascertain net worth along with documentary evidence4) Property Related DocumentsAgreement to Sale: This is the basis for deciding the loan amount and the document sets various terms and conditions of sale along with timelines for payments and deliveryChain of documents: To trace the flow of title of the propertyLegal Search Report( From Banks panel advocate): To ascertain clear and marketable title. Expenditure to be borne by the borrowerValuation Certificate(From Banks panel Valuers):To ascertain the value of the property, more relevant in case of second sale to ensure that the sale price & loan amount is justified. Expenditure to be borne by the borrowerRevenue receipts: To ensure that there are no revenue dues. Otherwise revenue authorities have paramount charge over the propertyNIL Encumbrance Certificate:To ascertain whether any prior charge of any other bank exists on the propertyIn case of construction: Approved plan,Permission for Construction, allotment letters in case of land allotted by Development Authorities/Town planning authorities, Estimate of construction etcSome banks insist on a cheque for processing fee also along with the papersThough the list is long,it is not difficult to collect these papers since except property papers all others are generally with the applicant himselfIn case the purchase is from a builder, even all the property papers are provided by builder himselfIn case the property is pre-approved by a bank, then it is even more easierOnly in case of construction of a house on a plot, one will require to exert for property papers comparativelyAll these papers will enable banks to vet the proposal diligently. Vetting of the property papers by banks ensure buyer’s interest also(B) Documents obtained by the bank post sanctionCopy of the sanction letter duly acknowledged by the borrower agreeing to the terms and conditions of the loanRequest letter by borrowers for release of facilityDemand Promissory NoteLoan AgreementRegistered Mortgage Deed in case of Registered Mortgage or Memorandum of deposit of title deeds in case of Equitable MortgageOriginal Title DeedsReceipt for amount of loan receivedRecovery instructions (Auto Debit or NACH)Note: Registered mortgage attracts heavy stamp duty and Equitable Mortgage attracts nominal stamp duty. Entire stamp duty and related expenditure to be paid by borrower

Actually credits in salary accounts are not directly taxed at bank except where the credits pertain to interest on term deposits and the amount of such interest qualifies for TDS.Whenever a bank opens an account, among other things, banks also collect job and income profile of the customerTransactions in the account are expected to be in tune with the known financial profile of the customerRules are built in the bank’s IT systems to trigger alerts in case of abnormal transaction spikes noticed in an accountAccordingly any transaction that is not in tune with the customer profile leads to a trigger for the bank to conduct due diligence of that transaction by contacting the customer( As a part of Transaction Monitoring in terms of KYC & ANTI MONEY LAUNDERING policy)If customer is able to explain the transaction to the satisfaction of the bank, then the issue will be closed. For Example, customer can prove that this big credit is due to sale of a property (by providing evidence).Then it is for the customer to consider tax implications of such transactions while computing his taxable income for the yearIf customer cannot explain the source of the transaction, then, the same will be reported as suspicious transaction to FINANCIAL INTELLIGENCE UNIT which will then take over the case for further investigation.If it is proved that the source of the transaction is illegal/criminal/unaccounted, then suitable punitive action will follow in the form of recovery of taxes, penalties etc and even imprisonment in case of serious violations

Banks apply KYC processes at two instances-1. While on-boarding new customers.2. While existing customers indulge in suspicious transactions.While on-boarding customers, banks enquire basic details in the on-boarding form(on paper or online as is a common practice for any bank) like name, address, phone numbers, email ids and other important documented information. This information is later confirmed by the signatory authorities who have signed those documents. It should be noted that document verification happens after on-boarding the customers and is hardly ever done while in the process of on-boarding. This is the first step of any KYC process that banks perform. The customer profiles are also checked against PEP and HIO lists to rate their profiles as high risk or low. Based on their risk rating, further due-diligence measures are performed.