Best Mortgage Loan in Prabhadevi from 33 Banks / NBFCs

Compare, Choose and Apply for Best Suitable Loan Rates as per your requirements.

Bank/NBFCInterest RateMin. Loan AmountMax. Loan AmountMin. TenureMax. TenureOnline Application
HDFC9.25%500000IN CRORE1030Apply Now
AXIS BANK8.25%500000IN CRORE1030Apply Now
ICICI BANK LTD8.5%500000IN CRORE1030Apply Now
L & T FINANCE8.5%500000IN CRORE1030Apply Now
SBI BANK8.5%500000IN CRORE1030Apply Now
IIFL HOME LOANS8.5%500000IN CRORE1030Apply Now
ANAND RATHI8.5%500000IN CRORE1030Apply Now
CENTRUM FINACIAL SERVICES LIMITED8.5%500000IN CRORE1030Apply Now
AU FINANCE8.5%500000IN CRORE1030Apply Now

Document Required

These are the documents required to avail a  Mortgage loan.

Mortgage Loan Documents Required Checklist

Photo Identity Proof (any one):
Voter ID Card / Passport / PAN Card / Driving License / Aadhaar Card.

Residence Address Proof (any one):
Ration Card / Passport / Utility Bill.

Income Proof:
Last 3 months Payslip & Bank Statement of last 3 months.

Job Continuity Proof:
Job Offer Letter / Letter from the HRD (if current employment less than 2 years).

Financial Documents:

  •  Salaried Individuals: Latest 3 month’s Salary Slips and Form 16, Bank Statements of 6 months.
  • Self Employed Individuals: Latest 1 year bank statement for both savings and current account.

Photo:
1 passport size color photograph.

Application Form:
Mortgage Loan Application Form duly filled.

Photo Identity Proof (any one):
Voter ID Card / Passport / PAN Card / Driving License / Aadhaar Card.

To avail a Mortgage loan, an applicant needs to provide certain documents, either printed or in digital format, to the lender. The lender will ask for the documents to verify the following about the applicant:

  1. Identity: Name, age, gender and physical appearence.
  2. Residence: Permanent and current place of residence (in case both are different)
  3. Employment: Whether the applicant is a salaried employee or a self-employed professional.
  4. Income: Monthly in-hand income of the applicant.
  5. Loan Requirement: Purpose, tenure and the desired loan amount.

Whenever, there is a shortage of cash for any Mortgage use, Mortgage loans are the saviours. But, to be safe themselves, the lenders require a few set of documents from each applicant. The lenders have their own specific requirements, criteria and set of documents.

Above is the checklist of documents required by the Mortgage loan lenders.

Any individual who is employed by an institution and receives compensation in monthly salaries is an employee. Lenders require the following set of Mortgage loan documents from salaried individuals.

  1. Valid Proof of Applicant’s Identity (any one of the following): Voter ID Card / Passport / PAN Card / Driving License.
  2. Proof of Residence (any one of the following): Ration Card / Passport / Utility Bill.
  3. Proof of Age (any one of the following): Voter ID Card / Passport / PAN Card / Driving License.
  4. Income Proof: Latest 3 month’s Salary Slips and Form 16.
  5. Job Continuity Proof: Current Employment Certificate or Current Job Appointment letter and Experience Certificate.
  6. Bank Statement: Latest 6 month’s statement from bank.
  7. 1 Passport size color Photograph.
  8. If there are existing loans submit Payment Track Record and sanction letter.
  9. Mortgage Loan Application Form duly filled.

Self-employed professional and non-professional applicants need to provide the following documents for a Mortgage loan.

  1. Valid Proof of Applicant’s Identity (any one of the following): Voter ID Card / Passport / PAN Card / Driving License
  2. Proof of Residence (any one of the following): Ration Card / Passport / Utility Bill
  3. Proof of Age (any one of the following): Voter ID Card / Passport / PAN Card / Driving License
  4. Office Address Proof: Property Document / Maintenance Bills / Utility Bill
  5. Office Ownership Proof: Property Documents / Maintenance Bill / Electricity Bill
  6. Business Existence Proof: 3 years old Salary Statement / Shop Establishment
  7. Income Proof: Latest 2 years Income Tax Returns including Computation.
  8. 1 Passport size color Photograph.
  9. Mortgage Loan Application Form duly filled.
  1. 1 Passport size colour photograph.
  2. Personal Loan application form duly filled.
  3. 1 copy of the passport.
  4. 1 copy of the Visa.
  5. Last 6 months NRO/NRE Bank statement.
  6. Last 6 months Salary certificate or salary slip.
  7. Proof of Employment.

One of the option to get money from reputed banks for all needs is through Mortgage loan. And, to apply successfully for a Mortgage loan an applicant needs to provide certain set of documents.

These documents helps lender (be it a Bank or a NBFC) to know and understand the financial stability of the borrower and analyse the credit risk. Apart from that it helps a lender know and verify all the details about the applicant such as age, income, address, employer and employment. It is on the basis of this a lender decides whether to lend or not to the applicant.

As Mortgage loans are unsecured loans, the lender does not takes anything as collateral for the lending amount, hence there is always a potential risk of borrower defaulting or absconding on the loan. Hence to be double triple sure a lender asks for a certain set of documents so that it can learn and analyse the applicant and then decide.

The documents required for Mortgage loan help a lender to know and understand the following about the applicant:

  1. Identity
  2. Age
  3. Income
  4. Address
  5. Existing Loans
  6. Repayment History (if any)

Once a lender has these details, they can know and understand the applicant better. And, using the information provided, they can come up with the best loan offer for the applicant.

As such, providing the required documents while applying for a Mortgage loan, helps the applicant to get the best offer.

Above are the checklist of all the required documents for a Mortgage loan.

Overview of Mortgage Loan Eligibility Criteria

Mortgage Loan Eligibility CriteriaSalariedSelf-Employed Professionals
Eligible Age (Min-Max)21 years to 60 years (at the time of applying)25 years to 60 years (at the time of applying)
Eligible Income₹25,000 per month₹30,000 per month
City300 Cities across India300 Cities across India
FOIR
0 to 60%
0 to 60%
EmploymentFulltime with at least 2 years of experienceAt least 5 years of earning turnover
Documentation1 passport size color photograph, Mortgage Loan Application Form duly filled, Photo Identity Proof, Residence Address Proof, Income Proof & Employment Proof.1 passport size color photograph, Mortgage Loan Application Form duly filled, Photo Identity Proof, Residence Address Proof, Income Proof & Employment Proof.

Additional Financial Documents for Self Employed Individuals: Last 1 year bank statement for both savings and current account.
CIBILRequired (400+)Required (400+)

Mortgage  Loans are availed during emergencies or to meet certain needs and wants which are beyond the scope of the regular income. However, it is essential to understand if all criteria are met for applying for a  Mortgage  loan. Failure to meet the required eligibility will lead to the rejection of the loan application. Rejections negatively impact CIBIL Score and the potential to avail loan even from another lender.

Irrespective of your occupation or profession, there is always a need to check eligibility before approaching banks and it is all available through online just few clicks away.

Salaried applicants need to satisfy the following Mortgage  loan eligibility criteria.

Eligible Age (Min-Max): The applicant’s age should be minimum 21 years and maximum 60 years at the time of applying for a Mortgage  loan if the applicant is a salaried employee.

Eligible Income: Salaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities.

Minimum Loan Amount: The salaried applicants can avail a Mortgage  loan starting from ₹50,000, based on their eligibility.

Maximum Loan Amount: The salaried applicants can avail a Mortgage  loan up to ₹50 Lakhs, based on their eligibility.

Eligible City: 300 Cities across India.

Co-applicant: Not required.

Employment: The salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company.

CIBIL: Required (400-900).

The self-employed applicants need to satisfy the following Mortgage  loan eligibility criteria.

Eligible Age (Min-Max): The applicant’s age should be minimum 25 years and maximum 60 years at the time of applying for a Mortgage  loan if the applicant is a self-employed professional.

Eligible Income: Self-employed applicants should have a minimum monthly income of ₹35,000 per month in a metro city, and a minimum monthly income of ₹30,000 in other cities.

Minimum Loan Amount: The self-employed applicants can avail a Mortgage  loan starting from ₹50,000, based on their eligibility.

Maximum Loan Amount: The self-employed applicants can avail a Mortgage  loan up to ₹2 Lakhs, based on their eligibility.

Eligible City: 180 Cities across India.

Co-applicant: Not required.

Employment: The self-employed applicants should have a minimum of 5 years of turnover, before they can apply for a Mortgage  loan.

CIBIL: Required (400-900).

All the top lending institutions in India offer Mortgage loans to their customers. Mortgage Loan eligibility criteria for each of these vary accordingly various factors. Here is a brief description of the same.

HDFC is the bank which offers you Mortgage  loans at affordable rates so that you can live you dreams and spend more on your lifestyle and necessities than EMIs. With HDFC you can get your Mortgage  loan disbursed within 2 to 3 days. HDFC is the bank which is known for maintaining transparency in any kind of loan processing. If you are an existing customer of HDFC then you can avail special offers and benefits too.

You can customize HDFC Mortgage  loan to meet your requirement. You can use HDFC Mortgage loan for many purpose like for your vacation tour, your home renovation or it can be for wedding also and for many more things. With HDFC you can avail Mortgage loans up to ₹25,00,000.

The processing is very fast with HDFC the result of which is your loan amount will be disbursed to you within 48 hours that is exactly 2 days from when you apply for your Mortgage loan.

HDFC Bank offers its Mortgage loans at an interest rates of 15.50% – 21.50% and the loan processing charge is up to 2.50% of the loan amount as applicable or it can be a minimum of ₹1000 to a maximum of ₹25,000 depending on your loan amount. HDFC Bank does not allows prepayment until 12 EMIs have been repaid. Be careful about the timely repayments for HDFC’s Mortgage loan as the bank charges 24% per annum on the outstanding amount of loan for late payments.

It has fast approval processes with minimal and easy documentation. Below is the list of HDFC Mortgage loan eligibility criteria.

Eligibility Criteria:

  • Aged between 21-60 years
  • Minimum 2 years of total work-experience with at least 1 year tenure with current employer
  • Minimum ₹24,000 per month and net income should be ₹30,000 if located at Delhi, Bangalore, Cochin, Chennai, Mumbai, Ahmedabad and Kolkata.

ICICI is the largest private sector bank in India. ICICI offers you wide range of banking products and it best at providing financial services like home loan, Mortgage loan, business loan etc. You can avail a Mortgage loan from ICICI for different purposes such as for holidays, education, for your home renovation, for wedding expenditures and even for buying gadgets and all.

ICICI offers instant processing for your Mortgage loan with simple and easy documentation process. It requires less documents as compared to other Banks and NBFCs .

ICICI offers you attractive interest rates for your Mortgage loan which vary from 11.25% to 22.00% and disbursal within 72 hours. The processing fees you will charged for your Mortgage loan with ICICI is 1.25% of your loan amount. ICICI offers you flexible payment options from 12 to 60 months. loan amount can vary from ₹50,000 to ₹2,000,000. The other advantage with ICICI Mortgage Loan is that no security or guarantor is required.

Below is the list of ICICI Bank Mortgage Loan eligibility criteria.

Eligibility Criteria:

  • Aged between 26-60 years.
  • Minimum 2 years of total work.
  • Minimum ₹24,000 per month and net income should be ₹30,000 if located at Pune, Bangalore, Chennai, Hyderabad and Kolkata.

Mortgage Loan requirement varies from person to person and Axis Bank understands this and hence created a Mortgage loan product to meet your specific need. The Mortgage loan interest rates and the charges involved are very competitive, making Axis Bank Mortgage Loan affordable, especially for salaried employees.  Axis Bank Personal Loan, over the period of time has gained popularity and trust of millions of its customers. And to make it even better, Axis Bank allows prepayment of Mortgage loan without any prepayment charges. And just in case, should you face any problem or have any doubts or queries, their excellent customer support is always available to help you.

Axis Bank offers Mortgage Loan to salaried employees, with loan amount ranging from ₹50,000 to ₹1,500,000 for tenors of 1 to 5 years (12-60 months) at very competitive interest rates. Axis Bank Mortgage Loan requires very simple and minimal documentation and the application process is quick and hassle free. Axis Personal Loan feature quick approval, so that the loan application gets approved and disbursed in a very short period of time. Axis Bank offers fast service at less interest rate. It has very transparent and flexible in its eligibility criteria.

Below is the Axis Bank Mortgage Loan eligibility criteria.

Eligibility Criteria:

  • Aged between 21-60 years.
  • Maximum limit ₹1,500,000.
  • Minimum ₹24,000 per month net income.

Citibank Mortgage Loan services are considered as one of the approachable and the most inexpensive ones existing in the service market. Citibank Mortgage Loan can be made use to meet financial requirements like medical expenses, education expenses, travel expenses, home renovation expenses, wedding costs or even for a vacation. Citibank offers Mortgage loan at low interest rates for any online applications. All relevant documentation requirements are nominal, and no-collateral is required. Top-up option is made available with all Citibank Personal Loans according to your eligibility.

Below is the list of Citibank Mortgage Loan eligibility criteria.

Eligibility Criteria:

  • Aged between 26-60 years
  • Minimum ₹30,000 per month net income

Proper Research before Applying

Doing research before you apply for a Mortgage  loan is very important as there are many lenders at different rates.

One can research for rates, tenure and for the other charges involved which can affect your total cost of borrowing. To research on this, visit websites of different lenders and compare them. Or, just simply use the application form above to know your best offer.

Checking Credit History & Score

Before you apply, it is very important to check your credit history. This will give you an idea that is it the right time to apply for a loan or not.

A loan application with less CIBIL Score has more chances to get rejected than with a good CIBIL Score. Your CIBIL also gives you an idea about the loan amount that you can receive as the loan amount.

Required Minimum Income

Each and every lender has their own set of eligibility criteria, and income of the borrower are such criteria.

To get approved you should beware of the minimum income required by the lender.

Suppose you apply with a lender who needs a minimum income of ₹25,000, and you apply with a monthly income is ₹20,000. In this case, you may have to face a loan rejection.

Hence, check for the income criteria and apply only if are able to meet them.

Employment Stability

Employment stability is yet another important factor which decides your eligibility. Your employment stability is directly related to your loan repayment capacity.

Lenders generally approve those Mortgage loan applications where borrowers have stable employment. Generally, an applicant with stable employment of a minimum of two years is more likely to be approved than an applicant with unstable employment.

Mortgage Loan application being rejected can increase your woes, especially when your requirement is urgent. And to make it worse, most of the financial institutions don’t even disclose the reason(s) for the rejection. Once the loan application is rejected, it is common practice to apply with another lender in the hope of getting approved. It is highly advisable to analyse and understand first, why was your loan application and then work on improving your chances of getting approved.

Mortgage loan application can be declined for multiple reasons depending on the different eligibility criteria each institution has. Each and every lender will look for certain factors like age, income, debt to income ratio, credit rating, employer and job stability. The applicant needs to satisfy each and every criterion that lender is looking for, to appear as a creditworthy borrower and get approved for the loan. However, there can be some relaxation in some criteria, if the applicant seems worthy, but approval / disapproval is at the discretion of the loan officer and cannot be argued.

Here are some of the factors because of which a Mortgage loan application can get rejected.

  • CIBIL:Your CIBIL report contains a numerical score and remarks from the lender. If in the past you have settled the loan for a smaller amount combining all your EMIs or had your interest rate reduced so as to clear the loan on terms apart from the terms that was agreed upon while applying for the loan, will be considered as a red in your CIBIL report. If your CIBIL report has any comments like loan(s) being “written off” or “settled” or “paid after the due date”, a new lender will consider these signs as a warning and reject your loan application.
  • Poor Repayment History:Poor loan repayment history indicates that you are not creditworthy and unable to repay your loans properly or have failed to repay properly. As such a new lender would decline the Mortgage loan application so as to reduce the risk of having a probable NPA account in future.
  • Errors in Your Credit Report:CIBIL Report errors like payments being reported wrongly, closed accounts still being shown as open or false report of late payments can lead to a drop in CIBIL Score. To reduce such risks, one should often check their CIBIL Report and if any such discrepancies are found, should be resolved immediately. This will not only lead to increase in CIBIL Score but also increase the chances of Mortgage loan approval.
  • Too Many Loans and Little Income:While processing a Mortgage loan application, a lender will also check for the ongoing loans and the ration of fixed monthly obligations to the monthly income, this ratio is called FOIR. If FOIR is 50% or more, there are higher chances of personal loan rejection. Higher FOIR indicates that another loan will strain your income and paying for the current loan would get difficult, so the loan will be rejected. The applicant will be considered as a high-risk borrower.
  • Job Stability:The lender gives a lot of importance on this point, certain banks insists that the applicant need to work in the current company for 3 years or more to be considered as eligible. Also, if the company’s future is at stake or seem to be unstable, the lender will back out from providing loan to an applicant from that company.
  • Loan Application been Rejected Previously: Every loan rejection reduces your CIBIL Score and hence if your loan application has been rejected once, it’s not wise to keep applying and getting rejected as this will get recorded in your CIBIL record.
  • Being a Loan Guarantor to Someone: When you are a loan guarantor for someone, the EMI of that loan is considered as your liability. Should that borrower fail to repay, you would have to pay the loan from your income. And if there is a record of you failing as a guarantor in the past, it will reflect in your CIBIL Report and hence you would be denied a fresh loan.
  • Residential Address on Blacklist:Even if somebody else living in your address, defaulted on their loan, banks would blacklist that address, and it would be reported to CIBIL. When a new loan application is received from that address, the lender would look up the address and reject the loan application so as to reduce their risk portfolio.
  • Identify the reason for reduction in credit score, it could be mainly because of late payments of credit cards, loan EMIs etc. Defaulting and late payment is the core factor for bad credit scores thus ensure to have a good track record at all times.
  • Keep in mind to never default any payments in the coming years. Make all payments on time also keep sufficient funds in your account for ECS.
  • If you have too many rejections from Credit cards and Mortgage loans, take a break and stop applying. This will help in bringing up the score and then re-application will be processed.
  • Loans getting close to tenure completion are great news! But don’t make use of this chance to apply for a new one. It is advisable to give at least 3-6 months break before applying for a fresh one.
  • Remember to always keep sufficient balance in your credit cards; this will help in analyzing proper credit utilization. Using too much or too less of credits is not a great sign.

It is also essential to keep in mind; every bank branch manager has discretionary power to decide the eligibility despite of any eligibility criteria.

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    Mortgage Loan Meaning

    Securing a Mortgage Loan in Prabhadevi has become increasingly popular due to the area’s rapid development and growing appeal among home buyers. A mortgage loan refers to the quantity you’ll borrow against your property. Banks provide loans against both commercial and residential property. Also, you’ll take a loan against your rented residential property, self-occupied property, or vacant property. It might be a piece of land or a house. the quantity received as a Mortgage loan is often used for acquiring new property otherwise you can use an equivalent amount to take-over over your existing loan by refinancing. it’s a sort of secured loan where the border uses his/her property as collateral.

    The term mortgage refers to a loan wont to purchase or maintain a home, land, or other sorts of land. The borrower agrees to pay the lender over time, typically during a series of normal payments that are divided into principal and interest. The property is collateral to secure the loan. A borrower must apply for a mortgage through their preferred lender and ensure they meet several requirements, including minimum credit scores and down payments. Mortgage applications undergo a rigorous underwriting process before they reach the closing phase. Mortgage types vary supported the requirements of the borrower, like conventional and fixed-rate loans.

    A mortgage may be a loan – provided by a mortgage lender or a bank. The Mortgage loan must be paid back over time. the house purchased acts as collateral. Examples include property, plant, and equipment. Tangible assets are on the cash a private is lent to get the house.

    A mortgage loan may be a sort of secured loan where you’ll avail funds by providing your asset as collateral to the lender. A mortgage is typically a loan sanctioned against an immovable asset sort of a house or a billboard property. The lender keeps the asset as collateral until the borrower repays the entire loan amount.

    A mortgage may be thanks to using one’s real estate as a guarantee for a loan to urge money. real estate is often land, a house, or a building. many of us do that to shop for the house they use for a mortgage: the loan provides them the cash to shop for the house and therefore the loan is guaranteed by the house.

    Mortgage Loan in Prabhadevi

    In a mortgage loan, there’s a debtor and a creditor. The debtor or mortgagor is that the owner of the property, while the creditor or mortgagee is that the owner of the loan. When the mortgage transaction is formed, the debtor gets the cash with the loan and promises to pay the loan. The creditor will receive a refund with interest over time (usually in payments made monthly by the debtor). If the debtor doesn’t pay the loan, the creditor may take the mortgaged property in situ of the loan. this is often called foreclosure.

    Mortgage Loan Providers in Prabhadevi

    Various banks in Prabhadevi provide the cheapest Mortgage loan at affordable interest rates for salaried employees, self-employed individuals, and self-employed professionals. Fulfill the specified eligibility criteria supported by your occupation and age to avail of the loan.

    At various branches of Prabhadevi offering best interest rates for Mortgage loans such as -SBI Bank Mortgage loan, HDFC Mortgage loan, ICICI Mortgage loan, Canara Mortgage loan, Kotak Mahindra Mortgage loan, Best Bank Mortgage loan, Federal bank Mortgage loan, IndusInd Mortgage loan, Bajaj Finance Mortgage loan, bank of India Mortgage loan, Yes bank mortgage loan, CITI Bank Mortgage loan, Sunderam Finance Mortgage loan, Paisa bazaar Mortgage loan, ICICI Finserv Mortgage loan, SBI Yono Mortgage loan, KVB Mortgage loan, Allahabad bank Mortgage loan, Saraswat bank Mortgage loan, IDFC Bank Mortgage loan any many others avail a hassle-free application process with speedy approvals and complete transfer support.

     Refer to the below mentioned Mortgage loan eligibility criteria to understand more about applying for a Mortgage Loan at Prabhadevi

    Eligibility

    Individuals who are eligible for a Mortgage loan at Prabhadevi:

    Salaried individuals

    • Any individual who is in permanent service within the government or a reputed company.
    • The applicant should be above 24 years aged at the time of loan commencement and up to the age of superannuation.

    Self-employed individuals

    • Any individual filing tax returns can apply.
    • The applicant should be above 24 years aged at the time of loan commencement and up to 65 years at the time of maturity.

    Self Employed Professionals

    • Professionals (i.e., doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, and management consultants only) can apply.
    • The applicant should be above 24 years aged at the time of loan commencement and up to 65 years or less at the time of loan maturity.

    Lease Rental Discounting (LRD)

    • All resident individuals can apply. The lessee must however be a corporation as defined under the businesses Act, 1956.
    • Funding is going to be done only against ready commercial property. an equivalent is going to be restricted to 85% of the internet present value of the longer-term rentals or 50% of the worth of property, whichever is lower.

    Check your borrowing limits

    • Minimum Limit – Rs. 5,00,000
    • Maximum Limit – Rs. 5,00,00,000 (based on product / variant categorization)
    • 20% – 30% margin just in case of purchase of economic property
    • 40% – 55% margin just in case of loan against residential/commercial property

    A loan against Mortgage Property is obtainable to the subsequent individuals at Prabhadevi :

    Salaried: a private who is in permanent service within the government or a reputed company. Further, he/she should be above the age of 24 years at the time of loan commencement and up to the age of superannuation.

    Self-employed businessmen: a person filing tax Returns (ITR) and who is over 24 years aged at the time of loan commencement and up to 65 years at the time of maturity.

    Self-employed Professionals: Professionals like doctors, engineers, dentists, architects, Chartered Accountants, Cost accountants, company secretaries, and management consultants can apply. The age criterion is analogous thereto of self-employed individuals.

    Unlike home loans, car loans, or two-wheeler loans, the ‘Mortgage loan’ are often used regardless of the purpose being — purchasing a billboard property, for business purposes, to renovate commercial premises, and even to renovate your home, to fund your children’s education, and so on.

    Mortgage Loan in Prabhadevi near me

    The property you’re taking a loan against is obtainable as collateral/mortgage and therefore the bank forwards the loan at a beautiful rate of interest for a loan tenure of up to twenty years, just in case “> just in case of salaried individuals and up to fifteen years in case of self-employed individuals.

    However, while sanctioning the loan amount the bank takes under consideration factors such as:

    • Property registration
    • The market price of the property;
    • The requirement and eligibility of the applicant
    • The applicant’s income;
    • Whether salaried or self-employed;
    • Credit score —to assess the creditworthiness

    The minimum one can borrow is Rs 5 lakh, while the utmost is Rs 5 crore.

    The bank official also explained that a variant of Mortgage loan is Overdraft Facility Against Property. this is often designed to deal with the short-term capital requirements of mainly self-employed individuals (resident Indians only) in business and profession (resident Indians only).

    But since, Niraj’s requirement wasn’t to satisfy short-term capital requirements but to borrow funds to expand his business; the best-suited option for him was a vanilla loan against residential property.

    Here are the documents that require to be submitted by him:

    • Proof of identity (Aadhaar, voter id, passport, driver’s license, PAN card, etc.)
    • Proof of address (Aadhaar, driver’s license, land tax receipt, electricity bill, gas bill, landline phone bill, etc.)
    • Date of Birth (Aadhaar, PAN card, certificate, passport, driver’s license, etc.)
    • Signature proof (Passport, PAN card, banker’s verification, etc.)
    • Proof of income ( 2 years tax Returns, Computation of Total Income, P&L, record with CA seal and sign, Tax Audit Report, 6 months bank statements of private and business accounts, If ITR is filed without digital sign – CPC and tax paid challan, Certificate of Incorporation, MOA and AOA of his company, and proof of business continuity)
    • And at the time of loan disbursement documents like loan agreements and annexures thereto, property documents, National Automated Clearance House (NACH) mandate/ Standing Instruction (SI) form, Security Cheques (SPDCs), a cheque for the processing fee, duly filled Property Insurance form, duly filled life assurance form, sanction letter, and a couple of others)

    Mortgage Loan for your Personal and Business needs at Prabhadevi

    Mortgages are offered by a spread of sources. Banks and credit unions often provide home loans. There also are specialized mortgage companies that only deal specifically with home loans. you’ll also employ an unaffiliated mortgage broker to assist you to go searching for the simplest rate among different lenders.

    Apply Online for Mortgage Loan in Prabhadevi

    Avail Mortgage loan(LAP) for your personal or business needs. Both residential and commercial properties are often mortgaged for availing a Mortgage loan at Prabhadevi. You can avail lowest interest rates on Mortgage Loans at several banks at Prabhadevi. Various banks at Prabhadevi provide a smooth & hassle-free LAP to both salaried and self-employed individuals. A mortgage loan may be a simple solution to your financial needs.

    Properties against which Mortgage Loan can be availed against at Prabhadevi

    The current mortgage loan interest rates available at affordable rates at Banks such as SBI Bank Mortgage Loan Interest rates at Prabhadevi, HDFC Mortgage Loan Interest rates at Prabhadevi , ICICI Mortgage Loan Interest rates at Prabhadevi , Canara Mortgage Loan Interest rates at Prabhadevi , Kotak Mahindra Mortgage Loan Interest rates at Prabhadevi , Best Bank Mortgage Loan Interest rates at Prabhadevi , Federal bank Mortgage Loan Interest rates at Prabhadevi , IndusInd Mortgage Loan Interest rates at Prabhadevi , bajaj Finance Mortgage Loan Interest rates at Prabhadevi , bank of India Mortgage Loan Interest rates at Prabhadevi , Yes bankMortgage Loan Interest rates at Prabhadevi ,CITI Bank Mortgage Loan Interest rates at Prabhadevi , Sunderam Finance Mortgage Loan Interest rates at Prabhadevi , Paisa bazaar Mortgage Loan Interest rates at Prabhadevi , ICICI Finserv Mortgage Loan Interest rates at Prabhadevi , SBI Yono Mortgage Loan Interest rates at Prabhadevi , KVB Mortgage Loan Interest rates at Prabhadevi , Allahabad bank Mortgage Loan Interest rates at Prabhadevi , Saraswat bank Mortgage Loan Interest rates at Prabhadevi , IDFC Bank Mortgage Loan Interest rates at Prabhadevi and many other banks.

    Fixed Versus Variable interest rates on a Mortgage Loan taken at Prabhadevi

    Many mortgages carry a hard and fast rate of interest. this suggests the speed won’t change for the whole term of the mortgage (typically 15 or 30 years) albeit interest rates rise or fall within the future. A variable or adjustable-rate mortgage (ARM) has a rate of interest that fluctuates over the loan’s life supported what interest rates do.

    Lenders generally issue a primary or primary mortgage before they permit for a mortgage. This extra mortgage is usually referred to as a home equity loan. Most lenders don’t provide for a subsequent mortgage backed by an equivalent property.

    Why Do People Need Mortgages?

    The price of a house is often far greater than the quantity of cash most households save. As a result, mortgages allow individuals and families to get home by putting down only a comparatively small deposit, like 20% of the acquisition price and obtaining a loan for the balance. The loan is then secured by the worth of the property just in case the borrower defaults.

    Loan against fully constructed, freehold residential and commercial properties is available at affordable interest rates at Prabhadevi for: 

    Business Needs; Marriage, medical expenses, and other personal needs; transferring your outstanding loan availed from another Bank / financial organization

    Longer tenure, smaller EMIs

    Attractive interest rates

    Easy and hassle-free documentation

    Simple repayments through monthly installments

    Integrated branch network for availing and servicing the loan anywhere in India

    Criteria to meet Mortgage Loan Application at Prabhadevi

    Can Anybody Get a Mortgage?

    Mortgage lenders at Prabhadevi will be got to approve prospective borrowers through an application and underwriting process. Home loans are only provided to those that have sufficient assets and income relative to their debts to practically carry the worth of a home over time. an individual’s credit score is additionally evaluated when choosing to increase a mortgage. The rate of interest on the mortgage also varies, with riskier borrowers receiving higher interest rates.

    The loan applicant has got to meet the age criteria when applying for a Mortgage loan. In most cases, the applicant should be a maximum of between 65 years to 70 years by the maturity of the loan scheme. The applicant has got to prove that he/she features a regular income to make sure that the loan is going to be repaid.

    When a customer applies for a Mortgage loan, the financial lender takes into consideration the eligibility of the applicant. a number of the factors that are taken into consideration regarding the eligibility of the applicant are his/her age, nature of employment, the income of the individual, and therefore the value of the property. Supported the aforementioned factors, the financial lender will either approve or reject the Mortgage loan application of the individual.

    Mortgage loan Eligibility criteria at Prabhadevi

     The eligibility criteria for a Mortgage loan may vary from bank to bank. Affordable interest on Mortgage Loans is provided to government employees as well as Individual employees. Listed below are the common eligibility conditions that a borrower must fulfill to urge a Mortgage loan at Prabhadevi:

    • Any salaried professional who may be a permanent employee of a corporation can apply for LAP.
    • Professionals like architects, chartered accountants, cost accountants, company secretaries, doctors, engineers, dentists, and management consultants also can apply for it.
    • Self-employed individuals who are taxpayers also are eligible for a Mortgage loan.
    • Bank will consider your total monthly income, what proportion of savings and debt obligations you’ve got before it approves your loan.
    • The eligibility for a Mortgage loan is additionally calculated supported value of your mortgaged property.
    • You should even have an honest CIBIL score. Bank will track your previous loan and MasterCard bill repayment details.

    Listed below are several factors that affect the Loan Against Eligibility for the applicants at Prabhadevi:

    • Age of the applicant

    The loan applicant has got to meet the age criteria when applying for a Mortgage loan. In most cases, the applicant should be a maximum of between 65 years to 70 years by the maturity of the loan scheme.

    • Income of the individual

    The applicant has got to prove that he/she features a regular income to make sure that the loan is going to be repaid.

    • The value of the property

    The value of the property will decide the loan amount which will be availed.

    • Credit score

    Financial lenders will take into consideration the CIBIL score of the individual to make sure that he/she features a decent repayment diary.

    • Work experience

    The job stability of the salaried or self-employed individual plays a task to choose the eligibility of the applicant.

    Documents required to be submitted for a Mortgage loan

    Listed below are the overall documents which will be requested by the financial lenders to be submitted:

    • Identity proof – Aadhaar card, Passport, Voter’s ID card, etc.
    • Address proof – Passport, card, driver’s license, etc.
    • Proof of income – salary slips, bank statements, etc.
    • Form 16
    • Property documents – Registration certificate, Sales Deed, Lease Agreement, land tax Receipts, Property Insurance Documents, etc.

    Mortgage loan Eligibility Calculator

    By employing a Mortgage loan eligibility calculator, a borrower can calculate your eligibility for a Mortgage loan. The calculator will assist you to know your eligibility in various cities in India. While determining a Mortgage loan, banks mostly check out the subsequent factors – property value, repayment capacity, total assets and liabilities, age of the applicant and his/her qualifications, number of dependents, spouse’s income, and legal and technical aspect of your property. Supported your eligibility, the bank will decide what proportion amount you’d receive as a Mortgage loan.

    Example: The depository financial institution of India provides a minimum of Rs.25, 000 and a maximum of Rs.1 crore as a Mortgage loan. The bank pays these amounts supported the subsequent conditions:

    • 24 times of internet monthly income of salaried professionals,
    • And 2 times of internet annual income of self-employed et al..

    A borrower can rise to 60% of the entire market price of his/her property as a Mortgage loan.

    *** Mortgage loan amounts are subject to vary from time to time.

    How to repay Mortgage loan availed at Prabhadevi

    The repayment procedure for a Mortgage loan is nearly the same as the home equity credit repayment procedure. Many leading lending institutions accept both part repayment and full repayment. Also, many financial institutions don’t charge any extra fees for prepayment. You repay your Mortgage loan in Equated Monthly Installments (EMIs) which comprise your contribution towards the principal amount also as interest payment. Your EMIs will start immediately after you accept the complete disbursement.

    Mortgage Loan in Prabhadevi without documents

    These days, a variety of lenders offer mortgage loans to anyone who owns a bit of land and would like to use it as collateral for securing a loan. A loan against land are often wont to construct homes, develop a factory or build commercial business plants on the pledged plot of land

    Owning land instills a sense of ownership and pride. It also brings tons of happiness alongside a way of joy and achievement for the landowner. Other emotions that also play a key role are an excellent sense of security and peace of mind.

    Best Mortgage Loan Services in Prabhadevi

    India may be a country where owning a bit of land fulfills lifelong dreams. Aside from the very fact that you simply can build your dream home on this plot of land, it is often utilized in your times of need also. Lately, a variety of lenders offer loans against plot to anyone who owns a bit of land and would like to use it as collateral for securing a Mortgage loan. A loan against land is often are to construct homes, develop a factory or build commercial business plants on the pledged plot of land. Here are some belongings you got to know before applying for this product.

    1. Eligibility Criteria

    Before you create your application with the lender, confirm that you simply have done the required research towards your Mortgage loan eligibility check. Here are a number of the overall eligibility criteria

    For Salaried Individuals:

    • You should be a minimum of 18 years and a maximum age of 60 years
    • You should be a resident of India
    • You should have a bachelor’s degree
    • You should be used during a private Ltd., partnership firm, MNC, Public Ltd., Government or Public Sector Company
    • Your minimum monthly income should be Rs. 40,000 or more

    For Self-Employed Individuals and non-professionals:

    • You should be a minimum of 21 years aged at the time of application
    • You can’t be quite 65 years aged before the loan matures
    • Your business should are operational for a minimum of three years
    • Your business should have declared profits for the last two consecutive years
    1. Required Documents

    Here may be a list of documents required for a Mortgage loan

    • Application form
    • All your KYC documents including PAN Card, Identity Proof, Address Proof, Ownership Proof

    For Salaried Individuals:

    • Last 3 months salary slips
    • Form 16
    • Proof of Employment just in case your present employer doesn’t match together with your Form 16 information
    • Last 6 months bank statements that reflect any existing EMI repayment and salary

    For Self-Employed Individuals and non-professionals:

    • Proof of business continuity by providing anybody of those documents – Shop and Establishment Certificate/Tax registrations-VAT/Service tax/GST registrations
    • Proof of firm constitution via submission or either of those documents – MOA/AOA/Partnership Deed/GST Registration Certificate/Form 32 for knowing the newest directors
    • Audited financials for the last 3 years
    • Tax Audit Report for the last 3 years – Form 3CB + 3CD just in case “> just in case of proprietorship and partnerships and Form 3CA + 3CD in case of Companies
    • Latest VAT/GST/Service Tax returns for the present fiscal year
    • The breakup of all secured and unsecured loans
    • As of date List of Directors and Shareholding Pattern
    • Sanction letters for any existing loans with corresponding statements reflecting EMIs for the last year
    • Business Account Statements for the last 1 year

    Also, remember to calculate your eligibility to avail of the loan with the assistance of an online loan against land calculators. you’ll also use Fullerton India’s free online Mortgage loan Calculator for this purpose.

    A Land real estate loan is often wont to build a house, a factory, a business unit, company expansion, purchase of machinery, debt consolidation, or funding the other business-related expenses.

    Tax Benefits of availing Mortgage Loan at Prabhadevi

    There are tax benefits that you simply enjoy on the interest component of your EMIs on the loan availed at Prabhadevi. However, this mortgage loan might not assist you to save on your tax. To understand more, however, please have an in-depth discussion together with your lender you are also advised to read the terms and conditions of the loan document thoroughly.

    Various Loans offer loans against commercial or residential property and a plot can be pledged to secure a loan.

    • Any personal purpose like meeting expenditure on education, marriage, healthcare, etc. aside from speculative purpose. An undertaking to the present effect is going to be obtained from the customer within the application itself and no documentary evidence for the end use of the fund is going to be insisted upon.
    • Loans under SBI LAP won’t be permitted for Business Purposes
    • Complete transparency in operations
    • Access this loan from our wide network of branches
    • Interest rates are levied on a monthly/daily reducing balance method
    • Lowest processing charges.
    • Long repayment period of 180 months
    • No Hidden costs or administrative charges.
    • No prepayment penalties. you’ll have surplus funds at any time thereby conveniently reducing your loan liability and interest burden.

    Everything you would like to understand about mortgage loans

    • Mortgages are loans that are wont to buy homes and other sorts of land.
    • The property itself is collateral for the loan
    • Mortgages are available during a sort of type, including fixed-rate and adjustable-rate.
    • The cost of a mortgage will depend upon the sort of loan, the term (such as 30 years), and therefore the rate of interest the lender charges.
    • Mortgage rates can vary widely counting on the sort of product and therefore the qualifications of the applicant.

    How Mortgage Loans Work

    Individuals and businesses at Prabhadevi use mortgages to shop for land without paying the whole price upfront. The borrower repays the loan plus interest over a specified number of years until they own the property free and clear. Mortgages also are referred to as liens against property or claims on property. If the borrower stops paying the mortgage, the lender can foreclose on the property.

    For example, a residential homebuyer pledges their house to their lender, which then features a claim on the property. This ensures the lender’s interest within the property should the customer default their indebtedness. within the case of a foreclosure, the lender may evict the residents, sell the property, and use the cash from the sale to pay off the mortgage debt.

    Mortgage Process

    Would-be borrowers begin the method by applying to at least one or more mortgage lenders. The lender will invite evidence that the borrower is capable of repaying the loan. This might include bank and investment statements, recent tax returns, and proof of current employment. The lender will generally run a credit check, as well.

    If the appliance is approved, the lender will offer the borrower a loan of up to a specific amount and at a particular rate of interest. Homebuyers can apply for a mortgage after they need to choose a property to shop for or while they’re still buying one, a process referred to as pre-approval. Being pre-approved for a mortgage can give buyers a foothold during a tight housing market because sellers will know that they need the cash to copy their offer.

    Once a buyer and seller agree on the terms of their deal, they or their representatives will meet at what’s called a closing. this is often the time the borrower makes their deposit to the lender. the vendor will transfer ownership of the property to the customer and receive the agreed-upon sum of cash, and therefore the buyer will sign any remaining mortgage documents.

    Types of Mortgages

    Mortgages are available in a spread of forms. the foremost common types are 30-year and 15-year fixed-rate mortgages. Some mortgage terms are as short as five years while others can run 40 years or longer. Stretching payments over more years may reduce the monthly payment, but it also increases the entire amount of interest the borrower pays over the lifetime of the loan.

    The following are just a couple of samples of a number of the foremost popular sorts of mortgage loans available to borrowers.

    Fixed-Rate Mortgages

    With a fixed-rate mortgage, the rate of interest stays equivalent for the whole term of the loan, as do the borrower’s monthly payments toward the mortgage. A fixed-rate mortgage is additionally called a standard mortgage.

    Adjustable-Rate Mortgage (ARM)

    With an adjustable-rate mortgage (ARM), the rate of interest is fixed for an initial term, after which it can change periodically supported prevailing interest rates. The initial rate of interest is usually a below-market rate, which may make the mortgage cheaper within the short term but possibly less affordable long-term if the speed rises substantially.

    ARMs typically have limits, or caps, on what proportion the rate of interest can arise whenever it adjusts and in total over the lifetime of the loan.

    Interest-Only Loans

    Other, less common sorts of mortgages, like interest-only mortgages and payment-option ARMs, can involve complex repayment schedules and are best employed by sophisticated borrowers.

    Many homeowners got into financial trouble with these sorts of mortgages during the housing bubble of the first 2000s.1

    Reverse Mortgages

    As their name suggests, reverse mortgages are a different financial product. they’re designed for homeowners 62 or older who want to convert a part of the equity in their homes into cash.

    These homeowners can borrow against the worth of their home and receive the cash as a payment, fixed monthly payment, or line of credit. the whole loan balance becomes due when the borrower dies, moves away permanently, or sells the house .2

    Average Mortgage Rates 2020

    How much you will have to buy a mortgage depends on the sort of mortgage (such as fixed or adjustable, its term (such as 20 or 30 years), and interest rates at the time. Interest rates can vary from week to week and from lender to lender, so it pays to buy around.

    Mortgage rates were at near-record lows in 2020. consistent with the Federal home equity credit Mortgage Corporation, average interest rates seemed like this as of August 2021:

    • 30-year fixed-rate mortgage: 2.87%
    • 15-year fixed-rate mortgage: 2.15%
    • 5/1 adjustable-rate mortgage: 2.44%3

    A 5/1 adjustable-rate mortgage is an ARM that maintains a hard and fast rate of interest for the primary five years, then adjusts annually then.

    Your mortgage at Prabhadevi may represent only some of your monthly mortgage payment if your lender also requires you to pay your property taxes and homeowners insurance through an escrow account.

    If you’re buying a mortgage, a web mortgage calculator can assist you to compare estimated monthly payments, supported the sort of mortgage, the rate of interest, and the way large a deposit you propose to form. It also can assist you to determine how expensive a property you’ll reasonably afford.

    In addition to the principal and interest, you will be paying on the mortgage, the lender or mortgage servicer can also found out an escrow account to pay local property taxes, homeowners insurance premiums etc.

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