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You can get a mortgage loan at minimum interest rates starting from 9.05% onwards
To get a Mortgage Loan, you need a minimum CIBIL score around 700. For more specific details please visit respective bank web pages.
The maximum tenure that you can obtain for a Mortgage Loan is 15 years. For more specific details please visit respective bank webpages.
Broadly 3 types of documents are required:
Borrowers KYC documents, Financial documents (Eg: Tax returns), Property related documents (Sales deed & Chain agreement)
To secure a Mortgage Loan sanction it can take about 8 to 15 working days. To get more specific information please visit respective bank webpages.
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* Onwards
Rate of Interest: 9.50 % Onwards
Processing Fees: Up to 1% of loan amount
ROI: 9.50 % *
PF: Up to 1% of loan amount
Rate of Interest: 9.25 % Onwards
Processing Fees: 1 % Onwards
ROI: 9.25 % *
PF: 1 % *
Rate of Interest: 12.50 % Onwards
Processing Fees: 1.50 % Onwards
ROI: 12.50 % *
PF: 1.50 % *
Rate of Interest: 9.45% pa (floating) 14.00% pa (fixed)
Processing Fees: 9.25% Onwards
ROI: 9.45% pa (floating) 14.00% pa (fixed)
PF: 9.25% *
FAQs
A mortgage loan is a type of secured loan which allows you to borrow money using an immovable asset also called ‘Collateral’. For example, a house or commercial property, that you offer against which the lender will provide you with a loan.
There are a few basic steps that need to be taken for applying for a mortgage loan from a lender. They are as follows:
- Begin with by filling the application form completely
- Submit essential documents such as KYC, Financial and Property
- Get the lender to verify the documents
- Receive a sanction letter from the financial institution
- Finally, acquire the mortgage loan amount disbursed by the lender at the lowest interest rate available
In India the maximum mortgage loan that you can get is in the range of Rs 5 crore to Rs 10 crore.
As per Section 24 (b) under the Income Tax (IT) Act you can get tax benefits by taking a Mortgage Loan. It will be in the form of reduction in the interest rate.
However, if you secure a Mortgage Loan for personal reasons such as education, travel, medical etc then you cannot derive any tax benefits according to the IT Act.
There is a possibility of you getting a mortgage loan before you finalize your property, if you choose the pre-approval option.
In this type of mortgage/loan against property (LAP) you receive a sanction letter from the lender and not the loan amount in advance.
However, a lender will only provide you with a pre-approved mortgage loan depending on your ‘Creditworthiness’, which is usually calculated using a rating called CIBIL Score.
There are three types of properties that are used as collateral for a mortgage loan. They include the following:
-
Residential Property:
A residential property you can use as a ‘Collateral’ while taking a mortgage loan can be the home you are currently residing in or a rented apartment.It is an asset which is very frequently used by lenders as a collateral.
-
Commercial Property:
It includes a vacant or rented property space which is constructed for commercial activity.
-
Land:
An open land possessing well-defined boundaries can also be used as a ‘Collateral’ when you take a mortgage or loan against property (LAP).However, you need to ensure that the land is acquired for ‘Non-Agricultural’ purposes.
While applying for a mortgage or loan against property most lenders in India will permit you to have a co-applicant. There are few individuals that you can use as a co-applicant. They usually are members of your family such as mother, father, brother, sister, and wife.
Most financial institutions in India will provide you with a processing fee for a mortgage loan ranging from a minimum of 0.5% to a maximum of 3%.
A mortgage loan will have a maximum tenure of 15 years or 180 days.
Yes you can pay your mortgage loan in advance as there is a prepayment option that you can use.
Although, you need to understand that on doing so you will have to pay a prepayment penalty,
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