What is Mortgage Loan and How to Apply It
Many of you must have heard or read about Mortgage Loan at some point of time, but do not have the right information about it. Don’t worry, in this article we loan will provide you all the information like what isLet us first know what is meant by mortgage?
Mortgage or mortgage loan is a loan taken against property. In which a person mortgages his property with a financial institution and takes some amount on it as a loan and after paying the loan amount gets back the ownership of his property.generally loans individuals who buy a new home.mortgaging the documents of the newly purchased house with the financial institution a loan on the registry of the house by takes
- (LAP) Loan against property is commonly known as LAP i.e. ‘Loan Against Property’. LAP is offered for commercial and residential properties. Borrowers have to pledge their assets to get funds from lending institutions. The original documents of the property have to be deposited with the financial institution till the loan amount is repaid in full. The borrower can use the loan amount for any personal or business needs.
- Business Purchase Business Purchase Loans are generally taken by businessmen and entrepreneurs. They take such loans to buy properties like shops, office space and commercial complexes. The interest rates of this loan are different from other loans. This loan amount is used only for buying property.
- Loan Against Home Registry Every middle class family dreams of having their own house. In such a situation, a mortgage loan is the best option for the reconstruction of the house. Nowadays there are many such financial institutions from where you can easily get loan at affordable interest. For the loan, the borrower has to mortgage his home registry with the financial institution, which is returned to him after the loan is repaid.
Who can take Mortgage Loan?
mortgage loans, different financial institutions have made different eligibility criteria. Some of the most common criteria are listed below.
- You should be a resident of India,
- your age should be minimum 25 years and maximum 75 years.
- If you are self-employed, then you should be in the same business for at least three years.
What are the documents required to take loan against land?
property mortgage loan There are certain documents you need to submit while applying forSome of these documents are:
- your PAN card A properly filled mortgage loan application form with a copy of
- Some accepted KYC documents such as Aadhar card/ Driving license / Voter ID card / Lease or rent agreement
- Business proof: Sales tax / service Tax/Excise/VAT Registration/Business License/Partnership Deed/Practice Certificate
- Income Proof: ITR statement of last three years, Balance sheet, P&L account and Bank account statement of last six months
all How to apply for Mortgage Loan?
To apply for a mortgage loan, you can apply the website of the financial institution or in person by visiting their branch office. Follow the steps below to apply online on the website
- Go to the Mortgage Loan on the property webpage
- Check your eligibility from the Eligibility Criteria section available on the website On the
- Mortgage Loan page, Mortgage check the documents required for the
- Click on the ‘Apply Now’ tab and fill in the required information, and apply onlineform .
- Once satisfied with your details, the Institute officials will contact you.
- You can also apply for a mortgage loan by visiting the nearest branch or outlet of the financial institution.
Hope you now have property Feather Loan How take or 5 minutes In Loan How take? As the questions that were being raised, now you must have calmed down and you will have got complete information related to mortgage loan. So if you are also mortgage loan , then apply your loan today.