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Mortgage Loan
A mortgage loan is one in which you secure funds by pledging your property. The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Usually, the amount of funding you can avail of will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 core. The repayment tenure for mortgage loans can be up to 15 years.
Eligibility for Mortgage Loan
Eligibility for Mortgage Loan
To get approved for a mortgage loan, you need to fulfill the eligibility criteria set by banks and financial institutions. While the criteria may vary from bank to bank, listed below are general factors that determine your eligibility:
· Gross annual/monthly income
· Minimum age requirement of 21 years
· Valuation of your property
· Income proof documentation
· Existing liabilities
· Number of dependents
Whether you’re salaried or self-employed, you’re eligible for a mortgage loan.
Features and Benefits of Mortgage Loan:
Features and Benefits of Mortgage Loan:
A mortgage loan comes with the following attractive features and benefits:
It is a cost-effective way of borrowing. Normally, you can take a mortgage loan for a longer duration and pay off your repayment by using smaller monthly EMIs.
Mortgage loans charge lower rates of interest on your borrowings than any other loans.
Mortgage loan is a secured loan. It is secured against your property. The bank or lender has the right to repossess your property if you can’t repay your loan.
A mortgage loan helps you buy your own house. You can afford to buy a home with the help of this loan and be the sole owner of your property once repayment is over.
You can get loans against under-construction property, fully constructed property, and freehold residential and commercial properties for:
Get a loan for a longer tenure.
Repay your loan with a simple repayment process through monthly installments. You can pay it off by paying smaller monthly EMIs.
Mortgage loans are offered at attractive interest rates.
Enjoy an easy and hassle free documentation process.
You can get a mortgage loan anywhere in India with integrated branch network provided by banks.
You can choose from a number of interest rates to pay off your loan. They include - floating rates, fixed interest rates, interest-only mortgage and Payment option ARMs.
Get access to a higher amount of funds.
Mortgage loan can be sectioned even before your select your property.
You can apply for it both online and offline and enjoy doorstep services.
Both residential and commercial properties are accepted as collateral for mortgage loans.
Funds received from a mortgage loan can be used for business as well as personal needs.
Self –employed individuals get customized loan options.
REQUIRED DOCUMENTS FORLOAN AGAINST PROPERTY (SALARIED)
· PAN CARD
· ADHAR CARD
· ADDRESS PROOF
· 3 MONTH SALARY SLIP
· LAST 6 MONTH BANK STATEMENT
· 2 YEARS FORM 16
· OFFICE ID CARD
· PHOTO
· PROPERTY PAPER (REGISTRY ONLY) COPY
· 1 CHEQUE 6K( FOR LEGAL VALUATION)
REQUIRED DOCUMENTS FOR LOAN AGAINST PROPERTY (SELF EMPLOYED)
· PAN CARD
· AADHAR CARD
· ADDRESS PROOF
· 3 YEAR ITR WITH FINANCIAL
· LAST 1 YEARS BANK STATEMENT OF ALL ACCOUNT
· GST REGISTRATION
· GST RETURN LAST 1YEAR 3B GSTR
· 3 YEAR OLD BUSINESS PROOF REQ
· OWNERSHIP PROOF REQ
· PHOTO
· NOMINI PAN CARD ,ADHAR CARD ,PHOTO REQ
· PROPERTY PAPER COPY (REGISTRY ONLY)
· 1 CHEQUE 6K( FOR LEGAL VALUATION)
Become a Retailer and Earn up to Rs.1 Lakh per month.
Become a Retailer and Earn up to Rs.1 Lakh per month.
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One Wallet – Multiple Services
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