Mortgage Loan

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Mortgage Loan

A Mortgage Loan also known as Loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid. The maximum loan availability will be up to 70% of the property value.

The tenure of these loans may vary between 5 to 15 years from banks to banks depends on the age of the borrower. The processing time for mortgage loans take upto 7 working days.

Loan Against Property comes with no spending restrictions, and the funds can be used to fund any expense or business need. You may use the sanctioned amount to fund:

  • Business Development and Expansion
  • High-interest Debt Consolidation
  • Renovation
  • Medical Emergencies

  • Home Equity Loan
  • Loan Against Residential Property
  • Loan Against Commercial Property
  • Loan Against Rental Income
  • Loan Against Vacant Land
  • Loan Against Plot
  • Top-up Loan

Identity Documents Address Proof Income Documents Bank Account Statement Property Documents
Salaried Employee PAN Card/Aadhaar Card/Driving License/Voter ID/Passport The Electricity bill for owned premises, Rent agreement for Rented premises, Passport 3-month salary slips Salary credit bank account statement for the last 6 months If already finalised, along with legal & technical clearance of the property
Self-Employed Individual PAN Card/Aadhaar Card/Driving License/Voter ID/Passport 1.The Electricity bill for owned premises, Rent agreement for Rented premises 2. Passport 1. Income Tax Returns along with computation for the latest 2 years 2. Profit/Loss statement and balance sheet for the last 2 years Operative bank account statement for the last 12 months
Firm/ Company GST Registration Certificate (If applicable) and Other Applicable Registrations, KYC of Partners / PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport The Electricity bill for owned premises, Rent agreement for Rented premises, Passport for Partner / Directors Income Tax Returns along with computation for the last 2 years, Profit/Loss statement and balance sheet for the last 2 years, GST Returns Operative bank account statement for the last 12 months

Eligible Borrowers Age Experience Citizenship
Salaried Employee Salaried individuals working with LLP / Private Limited / Public Limited companies Applicant must be a minimum of 21 years at the time of loan application and should be a maximum of 60 years at loan maturity 3 years of total experience and 6 months with the current employer Individuals must have Indian citizenship
Self-Employed Individual 1.Proprietor / Partner / Director 2.Self-employed professionals like Chartered Accountants, Company Secretaries, and doctors Applicant must be a minimum of 18 years at the time of loan application and should be a maximum of 75 years at loan maturity Should be in the same business/profession for the last 5 years Individuals must have Indian citizenship
Firm/ Company Partnership or Private Limited companies engaged in manufacturing, servicing, or trading Proprietor / key partner / key director should be a minimum of 18 years at the time of loan application and should be a maximum of 75 years at loan maturity Business stability/vintage of minimum 5 years in the same business Proprietor/partners/directors must have Indian citizenship
 
     
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