Check More About Mortgage Loan Eligibility

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HOW MORTGAGE LOAN WORKS
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What is Mortgage Loan?

• A mortgage loan is a secured loan that can be
  availed by mortgaging any immovable asset like
  residential or commercial property, piece of
  land, machinery etc. to the lender. This loan is
  a suitable alternative for those who do not wish
  to avail unsecured loans because of high interest
  rates. Since a mortgage loan is secured against
  collateral, there are fewer risks associated.
  Accordingly, lenders provide higher loan amounts
  at competitive interest rates.

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Mortgage Loan Gives option of flexible tenure,
large amount, no end user restriction.
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Advantages

• These loans have no end-use restrictions and can
  be used to meet several financial requirements,
  including
• Paying higher-education expenses in India or
  abroad
• Fund wedding expenses
• Consolidating debts
• Purchasing or construction or renovation of a
  house
• However, the mortgage loan amount depends on the
  current value of the asset and loan to value
  ratio extended by the lender.

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Eligibility Criteria

• An applicant should meet the following
  eligibility criteria before availing a loan
  against property
• Borrowers must be a resident of India
• Salaried applicants should be within the age of
  33-58 and working in a reputed MNC, public or
  private sector.
• A self-employed individual should be between 25
  70 years and have a steady source of income.

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Documents Required

• Applicants should also furnish the proper
  documents while applying for a loan against
  property. They should keep the following list of
  documents handy
• Property documents
• Income proof income tax returns, salary slips,
  bank account statements
• KYC documents, which include PAN, Aadhar card,
  voter ID, passport, driving license etc

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Fees

• When you avail a mortgage loan, you have to pay
  certain associated costs. You should know about
  these charges in detail.
• Processing fees
• Statement charges
• Interest and principle statement charges
• Mortgage origination fees
• Mortgage EMI bounce charges
• Penalty interest

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Mortgage Loan Interest Rates

• This is another crucial point that one should
  know about. There are two types of property loan
  interest rate fixed and floating interest
  rates. Whereas the fixed interest rate stays the
  same throughout the loan tenor, the floating
  interest rate varies as per the market index.
  Aside from that, you should also keep in mind the
  factors that affect the mortgage loan interest
  rate.

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Application Process

1. Go to your lenders website and access the loan
   application form.
2. Enter the required details in the application
   form and submit it.
3. After submission, your loan will be approved
   subject to fulfilling all the eligibility
   criteria.
4. Once your loan is approved, representatives will
   contact you to collect the necessary documents.
5. The loan will be credited post document
   verification.