+91-9762 162 392
MORTGAGES LOAN

MORTGAGES LOAN FORM








Overview

“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 will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 crore. The repayment tenure for mortgage loans can be up to 15 years.”

Eligibility for Mortgage Loan

To get approved for a mortgage loan, you need to fulfil 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:

Whether you’re salaried or self-employed, you’re eligible for a mortgage loan.

Documentation Required

The documentation required for the loan application varies based on your employment status i.e., self-employed or salaried.

If you’re a salaried individual, listed below are some documents you may be asked to submit:

Things to Consider Before Applying for a Mortgage Loan

Before you decide to opt for a mortgage loan, there are certain factors you need to evaluate. Let’s find out what they are in the section below:

For a mortgage loan, you’re required to submit your residential or commercial property as collateral. The sanctioned amount depends on the metric value of your property. Most banks and financial institutions have a 40% to 60% margin. Other factors that are taken into account are the property’s condition as well as the age.

Depending on the lender, you may get interest rates anywhere between 11% to 15%. You can choose to get a floating rate loan or a fixed rate loan.

Processing fees, documentation charges, application fees, property inspection fees, loan overdue fees, late payment penalties, loan conversion fees—these are just some of the charges you need to take into account. These fees can increase the cost of your loan.

The repayment period offered by lenders can go up to 15 years. However, if you’re choosing an overdraft facility for your mortgage loan, the tenure may be much lower.

This also differs from bank to bank. While most banks offer an EMI option for the mortgage loan, there are other repayment options available too. It’s important to clarify this with your lender before getting the loan.

The criterion for the loan changes on the type of employment, your residency status, your income, your age, among other factors. Always check the criteria with your lender before applying for the loan.