A mortgage loan is one in which you secure funds by pledging your property. The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Usually, the amount of funding you can avail will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 crore. The repayment tenure for mortgage loans can be up to 15 years.
Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property.
Minimum age - 18 years and maximum age - 75 years.
Individuals may apply singly or jointly with other eligible individuals.
Third party guarantee is not mandatory for resident Indian.
Guarantee of a local resident Indian having means equivalent to that of the loan amount, is to be provided by the NRI applicant.
Key Points to Remember Before Applying a Loan Against Property Online
· You must check your eligibility criteria based on factors such as age, income, LTV, CIBIL etc., before applying for a loan against property online. In addition, you should also calculate the EMI, which you need to pay every month.
· Before you apply, you should keep all your required documents for loan against property, such as identity proof, address proof, income proof and property documents. Keeping documents ready will help you save time.