Mortagage Loan



Mortgage loan

A Mortgage is a type of loan in which property or real estate is accepted as a collateral (asset pledged by a borrower to a lender in return of loan). The borrowers receive some amount of loan from a lender upon agreement to return amount over a set time span until the complete loan amount is returned back to the lender. Mortgage loan are of different types based on their term dates (depended on the institution), amount of payments per period and interest rates. Generally, mortgage loans are taken by the individuals and business owners to make large real estate’s purchases without paying the complete value of the purchase up front. For a period of many years, associated interest, the borrower repays the loan, until the borrower completely owns the property free and clear. Mortgages are referred in different terms such as “loans against property” or “claims on property”. If the borrower stops paying the mortgage, the bank can foreclose. Mortgage loans come in different types based on interest rates.

Why go for a Mortgage Loan?

Mortgage loans are easy going either with direct lenders or with brokers. But you must have a clear idea about mortgage loans and choose the best deal such as-

  • The rate- Fixed rates/ Tracker Rates/ Discount rates
  • How to repay the loan
  • How much you need to borrow
  • Charges and fees
  • A secured loan

For Self-Employed:

  • Identity and Address Proof
  • Proof of business existence & Education Qualifications
  • Last 3 years P&L and Balance Sheet
  • Application form with photograph
  • Last 3 years ITR
  • Bank Statements (Last 6 months)
  • Processing fee cheque

Benefits of Mortgage Loan

  • Buying capacity
  • Cost effective
  • Easy to repay
  • Better credit score
  • Tax benefits
Mortgage loans

Mortgage Loan Eligibility
Both Self Employed or salaried people irrespective of the income can avail mortgage loan. Mortgage loan eligibility factors encompasses of:

  • Income
  • Property Valuation
  • Age
  • Existing liabilities
  • Financial Documents
  • Current Work Experience
  • Number of Dependents

Documentation required for Mortgage loan:

For Salaried:

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

Documents for Salaried

One color Photo

Permanent address proof

Latest 3 months payslips

Latest 4 months bank statement

Latest year form-16

3 Years of job experience letters.

Documents for Professionals

Two color photos

I.D Proof

Adrdress proof with present residence

Permanent address proof

3 years I.T.R/3 months payslips

Latest 6 months bank statement

Qualification certificat/registration certificate

Experience certificates

Documents for Self Employees

Two color photos

I.D proof

Address proof with present residence

Permanent address proof (Own House proof)

3 years I.T.R

6 months bank statement

Business proof