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What minimum interest rate for a Mortgage Loan can I get?

You can get a mortgage loan at minimum interest rates starting from 9.05% onwards

What is the minimum CIBIL score required to get a Mortgage Loan?

To get a Mortgage Loan, you need a minimum CIBIL score around 700. For more specific details please visit respective bank web pages.

What is the ideal Mortgage Loan tenure?

The maximum tenure that you can obtain for a Mortgage Loan is 15 years. For more specific details please visit respective bank webpages.

What documents are required for Mortgage Loan?

Broadly 3 types of documents are required:
Borrowers KYC documents, Financial documents (Eg: Tax returns), Property related documents (Sales deed & Chain agreement)

How many days does it take for a Mortgage Loan to get sanctioned?

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: 1% Onwards

ROI: 9.50% *

PF: 1% *

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Rate of Interest: 9.50 % Onwards

Processing Fees: Up to 1% of loan amount

ROI: 9.50 % *

PF: Up to 1% of loan amount

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Rate of Interest: 9.75 Onwards

Processing Fees: 1 % Onwards

ROI: 9.75 *

PF: 1 % *

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Rate of Interest: 9.25 % Onwards

Processing Fees: 1 % Onwards

ROI: 9.25 % *

PF: 1 % *

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Rate of Interest: 9.50% Onwards

Processing Fees: 1 % Onwards

ROI: 9.50% *

PF: 1 % *

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Rate of Interest: 12.50 % Onwards

Processing Fees: 1.50 % Onwards

ROI: 12.50 % *

PF: 1.50 % *

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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% *

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Rate of Interest: 8.90 % Onwards

Processing Fees: 1 % Onwards

ROI: 8.90 % *

PF: 1 % *

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Rate of Interest: 9.75% Onwards

Processing Fees: 1% Onwards

ROI: 9.75% *

PF: 1% *

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Rate of Interest: 9.75 Onwards

Processing Fees: 0.50 % Onwards

ROI: 9.75 *

PF: 0.50 % *

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FAQs

What is a Mortgage Loan?

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.

How do I get a sanction for a Mortgage 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:

  1. Begin with by filling the application form completely
  2. Submit essential documents such as KYC, Financial and Property
  3. Get the lender to verify the documents
  4. Receive a sanction letter from the financial institution
  5. Finally, acquire the mortgage loan amount disbursed by the lender at the lowest interest rate available
What is the maximum Mortgage Loan amount I can get?

In India the maximum mortgage loan that you can get is in the range of Rs 5 crore to Rs 10 crore.

Can you get tax benefits on taking a Mortgage Loan?

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.

Is it possible to get a mortgage loan without finalizing property?

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.

What are the different types of properties accepted as collateral in Mortgage Loan?

There are three types of properties that are used as collateral for a mortgage loan. They include the following:

  1. 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.

  2. Commercial Property:

    It includes a vacant or rented property space which is constructed for commercial activity.

  3. 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.

Can you have a co-applicant for a Mortgage Loan?

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.

What is the processing fee of a Mortgage Loan?

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%.

What is the maximum tenure of a Mortgage Loan?

A mortgage loan will have a maximum tenure of 15 years or 180 days.

Is it possible to pay your Mortgage Loan before time?

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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5/5

Hi, The new feature on Loan Bazaar Website, providing the facility to view the Home Loan Amortization Schedule is really wonderful. This will actually reduce paper wastage, telephone calls to be made and the waiting time for receiving the revert from Banker. It is quite an innovative move. Keep it up! Happy Diwali to one and all!

Shivam Sharma

5/5

Was struggling to get loan for my home from last 3 months, suddenly one day I found Loan Bazaar on google who is one of the most well known DSA for home loan. They offered me doorstep service and with the limited paper work, they santioned my loan within 7 days. Thanks to Loan Bazaar.

Aruna Kate

5/5

I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

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5/5

Loan Bazaar Team’s commitment shown on the job are enthusing. I had opted for a switch over on HL recently and been able to get best possible attention and faster clearance over my request. Kudos Loan Bazaar…

Babu Patil

5/5

A very helpful and a very patient team . My special thanks to Mr.Jitendra Sharma and Ms.Kanchan for their support . Dont worry about loan just contact this team they have solution for all .Once again thank you all

Dr.Abhijeet Kumar

5/5

I recommended their services to a friend of mine, and the services given were excellent. Very professional team, with polite and helpful approach. Highly recommended

Jayesh Shah

5/5

Hi, The new feature on Loan Bazaar Website, providing the facility to view the Home Loan Amortization Schedule is really wonderful. This will actually reduce paper wastage, telephone calls to be made and the waiting time for receiving the revert from Banker. It is quite an innovative move. Keep it up! Happy Diwali to one and all!

Shivam Sharma

5/5

Was struggling to get loan for my home from last 3 months, suddenly one day I found Loan Bazaar on google who is one of the most well known DSA for home loan. They offered me doorstep service and with the limited paper work, they santioned my loan within 7 days. Thanks to Loan Bazaar.

Aruna Kate

5/5

I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

Yash Sharma

5/5

Loan Bazaar Team’s commitment shown on the job are enthusing. I had opted for a switch over on HL recently and been able to get best possible attention and faster clearance over my request. Kudos Loan Bazaar…

Babu Patil

5/5

A very helpful and a very patient team . My special thanks to Mr.Jitendra Sharma and Ms.Kanchan for their support . Dont worry about loan just contact this team they have solution for all .Once again thank you all

Dr.Abhijeet Kumar

5/5

I recommended their services to a friend of mine, and the services given were excellent. Very professional team, with polite and helpful approach. Highly recommended

Jayesh Shah

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