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Mortgage Loan

Mortgage Loan

Mortgage Loan in Mumbai

Eligibility Criteria of Mortgage Loan

Both self-employed and salaried individuals can apply for a mortgage loan

Minimum age requirement is 18 years and the maximum is 55 years for salaried and 60 for self employeed.

Your total annual income as a salaried and for self-employed individuals should be eligible for the loan amount you are applying for.

 

Types of Mortgage

The two main types of mortgage loans include:

Fixed rate mortgage Loan:

Fixed-rate mortgage loan indicates that the interest rate is fixed throughout the tenure of the loan regardless of the market fluctuations of rates. .

Floating  rate mortgage loan:

Floating  rate mortgage loan interest rate keeps changing over the period due to Reserve Bank of India repo rate changes. However you have a choice to opt for fixed rate of interest for a certain period of time, however any changes in the monetary policy decisions of the RBI, the lending interest rate by the bank may change. This leads to a change in the interest rate for the Mortgage Loan it can go either ways i.e. increase or decrease.

Pay Interest-only mortgage :

Interest-only mortgage, In this loan, you only have to just pay the interest part towards the loan. Loan only for Interest no principal. This means that the interest rate remains same throughout the tenure of the loan. The full principal amount must be repaid at the end of the loan

Mortgage Loan Benefits

Mortgage loan is one of the cheapest ways of borrowing. It is usually taken for a longer duration say 10 to 15 years. This helps you to pay lower EMI and you can pay the EMIs over a long horizon

Secured Loan :

Mortgage Loan is a secured loan therefore banks don’t have to worry about approving the loan. Since Mortgage Loan is a high-value loan, the risk percentage is quite higher. But a bank has the property as a security. So Borrowers must be very careful in repaying the loan EMI because if it is not repaid regularly on time, the lenders may foreclose the loan and auction the property.

Hassle-free :

Obtaining a mortgage loan is quite simple. If you have met the necessary eligibility criteria and have a strong credit history, getting a mortgage loan its not that difficult. Because of the ease in obtaining mortgage loans, most people prefer mortgage loan over personal loan due to long tenure and low interest rates in recent times.

Mortgage Loan Interest rates in Mumbai

Mortgage Loan Features.

When you want to apply for a mortgage loan, few common concepts you should be aware of,that are associated with mortgage loans in india:

You have the option to choose from a number of interest rates to service your loan. The options include- floating rates, fixed interest rates, interest-only mortgage and Payment option EMI.

A mortgage loan is one of the easiest ways to avail a home loan. You can be the sole owner of the house once the loan is repaid.

The rate of interest on Mortgage loans is much lower than the rates of interest on other loans

The LTV ratio for Mortgage Loans is typically 60%-70%.

You can avail Mortgage loan against a wide range of properties such as under construction property, fully constructed property, freehold residential and commercial properties. However, it must be noted that the property must be free from legal hassle and encumbrances. The borrower must own clear title to the property.

The quantum of funds sanctioned under a Mortgage Loan is usually higher.

Most of the lenders provide a loan based on the market value of the registered value of the property whichever is lower.

If you are self-employed you also have the privilege of getting customized loan options.

Mortgage Loan is available for a longer tenure.

You can use the sanctioned loan amount against Mortgage for business as well as personal needs.

Selecting property is not a prerequisite for Mortgage Loan. Your mortgage loan may be sanctioned even before your property selection.

Mortgage Loan Frequently asked questions :

1. Who avail Mortgage Loans?

Salaried as well as self-employed individuals both can apply for Mortgage Loans

2. how much loan amount that I can receive?

You can get up to 50%-60% of your property value as mortgage loan approximately. In some cases, you may also get 65% of the loan.

3. How long does it take to get loan approved?

Normally, it takes around 8-10 working days to process the loan approved and 15 to 20 days for disbursement the loan. The time period may vary across banks.

Documents required for Salaried

  • Home loan application form filled and signed
  • Address Proof - Passport/Aadhaar Card /Utility Bill.
  • Advance Processing Cheque
  • Residence Ownership Proof - Property Documents/Maintenance Bill/Electricity Bill.
  • Identity Proof- Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
  • Investment Proof - Fixed Deposit/Shares/Fixed Assets, etc.
  • Income Proof - Latest 3 months Salary Slips and Form 16
  • Bank Statements - Latest 1 year statement where your salary is getting credited
  • Property Documents - Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If applicable)
  • Job Continuity Proof - Current Employment Certificate /Current Job Appointment letter (if more than 2 years)/Experience Certificate (including your previous job certificate or appointment and relieving letter)
  • Passport size photograph/s

Documents required for Self-Employed (Professionals and Non-Professionals)

  • Identity Proof - Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
  • Home loan application form filled and signed
  • Passport size photograph/s
  • Residence Ownership Proof - Property Documents/Maintenance Bill/Electricity Bill
  • Address Proof - Passport/Aadhaar Card /Utility Bill
  • Business Existence Proof - 3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license
  • Income Proof - Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,
  • Bank Statement - Latest 1 year bank statement both current and savings.
  • Advance processing fee cheque
  • Investment Proof - Fixed Deposit/Shares/Fixed Assets, etc.
  • Property Documents - Copy of agreement executed / Sale deed, Share certificate, Latest maintenance bill, list of documents & sanction letter given by existing banker (If applicable)

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