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Mortgage Loans

Mortgage loan or Loan against Property (LAP) is the loan provided against the property. Mortgage loan is meets the financial needs of a person who already owns a property and which is free from any encumbrance. It is also known as 'Home Equity Loans'. This can also be used for taking over an existing Home Loan or Loan against Property to provide higher funding or lower rate of interest or both.
Features of Mortgage Loan :
  • Fixed and variable interest rates
  • Quick approval and processing of documents
  • Wide variety of facilities offered
  • Tied up with several banks and NBFC’s to ensure smooth flow of process
  • Can be repaid in easy installments
Types of Mortgage Loans :
  • Home Loans
  • Balance Transfer
  • Top Up
  • Plot
  • Composite
  • Enhancement
  • Loan against Property
  • Construction
  • Lease Rental Discounting
Mortgage Loan Rates :

There are two types of loan rates

  • Fixed loan rates (Starting from 10.75%) : This kind of loan rates remain fixed for the entire loan term
  • Variable loan rates : These kinds of loan rates are subject to change according the changing economy and other factors.
Who are eligible for such loans? :
  • Indian national having a non-agricultural either a residential or commercial or industrial property.
  • Minimum age should be 18 years and maximum age should be 70 years.
  • Applicant and co-applicants should be filing IT returns.
  • Individual, either singly or jointly with other family members namely, father, mother, son, unmarried daughter and/or spouse, who have regular sources of income as co-applicants.
  • All the owner(s) of the property have to join in as co-applicant(s).
  • Siblings that is, brother and sister, brother and brother, sister and sister can be permitted as applicants or co-applicants with the prior condition that property must be in the joint names of the siblings.
  • Partnership firms, Proprietary concerns and NRIs are also eligible for mortgage loan.
Documents required for Mortgage Loans :

For Salaried people :

  • Application form with photograph
  • Identity and Address Proof
  • Latest Salary Slips
  • Form 16
  • Bank Statements (Last 6 months)
  • Processing fee cheque

For Self-Employed :

  • Application form with photograph
  • Identity and Address Proof
  • Proof of business existence & education qualifications.
  • Last 3 years Income Tax Returns
  • Last 3 years P&L and Balance Sheet
  • Bank Statements (Last 6 months)
  • Processing fee cheque
Apply for SME loans :

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