{"id":2269,"date":"2020-09-14T18:16:35","date_gmt":"2020-09-14T12:46:35","guid":{"rendered":"https:\/\/chatterdc.com\/?p=2269"},"modified":"2020-09-23T12:37:58","modified_gmt":"2020-09-23T07:07:58","slug":"5-things-you-need-to-know-about-mortgage-loans","status":"publish","type":"post","link":"https:\/\/chatterdc.com\/5-things-you-need-to-know-about-mortgage-loans\/","title":{"rendered":"5 things you Need to Know About Mortgage Loans"},"content":{"rendered":"<p>A mortgage loan is a secured advance, for which you need to provide collateral in the form of a residential or commercial property. It is also called a loan against property. The collateral which is to be pledged can be any self-owned property which has a sufficient market value as per the loan amount sought. Property loans are one of the most availed financial tools as they come with a substantial amount of funds.<\/p>\n<p>A mortgage loan is often a long-term financial commitment; you must thus plan to avail this loan wisely so that you can easily repay the amount without straining your finances. Hence, there are some essential points which you need to keep in mind before applying for a loan against property.<\/p>\n<p><strong>Eligibility criteria for a property loan<\/strong><\/p>\n<p>Each financial institution sets different eligibility criteria to extend a <a href=\"https:\/\/www.bajajfinserv.in\/mortgage-loan\" target=\"_blank\" rel=\"noopener\">mortgage loan<\/a>. An applicant has to fulfil all those criteria to be eligible to borrow funds. It includes factors like his\/her age, income, employment, etc. Some points of eligibility criteria are also related to the concerned property.<\/p>\n<p>Further, the common mortgage loan eligibility criteria for salaried individuals are:<\/p>\n<ul>\n<li>The applicant should be a resident of India.<\/li>\n<li>He\/she should be aged between 33 and 58 years of age.<\/li>\n<li>He\/she must also be employed in an MNC, private company, or a public sector company.<\/li>\n<\/ul>\n<p>The eligibility criteria for loan against property in case of self-employed individuals are:<\/p>\n<ul>\n<li>He\/she must be between 25 and 70 years of age.<\/li>\n<li>He\/she must carry a regular source of income.<\/li>\n<li>The applicant should also be a resident of any of the following 15 cities:<\/li>\n<\/ul>\n<ol>\n<li>Delhi<\/li>\n<li>Mumbai<\/li>\n<li>Hyderabad<\/li>\n<li>Chennai<\/li>\n<li>Kolkata<\/li>\n<li>Udaipur<\/li>\n<li>Aurangabad<\/li>\n<li>Indore<\/li>\n<li>Ahmedabad<\/li>\n<li>Thane<\/li>\n<li>Pune<\/li>\n<li>Bengaluru<\/li>\n<li>Vizag<\/li>\n<li>Surat<\/li>\n<li>Cochin<\/li>\n<\/ol>\n<p>Among all the details about a loan against property, you must also know that the property to be mortgaged as collateral also needs to come with proper documents and specific market value.<\/p>\n<p><strong>Property valuation<\/strong><\/p>\n<p>Any residential or commercial property can be pledged as security for a mortgage loan. However, its condition, value, location, and other factors related to the property determine how much amount a person is eligible to borrow. The representatives of the financial company assess your property before disbursing the loan. You can borrow up to 80% of the property\u2019s market value as a mortgage loan.<\/p>\n<p>Known as LTV (Loan-to-value) ratio, it is used to evaluate the loan amount to be sanctioned and varies from one lender to another. You need to go through the LTV ratios and understand all the charges on your loan against property, before applying. Comparing the property loan interest rate before choosing the financial institution is also advised.<\/p>\n<p><strong>Types of mortgage loans in India<\/strong><\/p>\n<p>There are two types of property loan prevalent in India. They are:<\/p>\n<ul>\n<li><strong>Registered mortgage &#8211;<\/strong> Here, the security provider signs the deed and the financial authority providing the loan is registered with the sub-registrar of assurances under the jurisdiction of which the property is located. If the borrower fails to repay the mortgage loan, the property can be auctioned by the authorities in this case for loan recovery.<\/li>\n<li><strong>Depositing of title deeds<\/strong> <strong>&#8211;<\/strong> In this, the property documents are handed over to the lending institution, and the mortgage is validated by recording the delivery of these documents.<\/li>\n<\/ul>\n<p><strong>Documents required for a loan against property<\/strong><\/p>\n<p>To prove his\/her eligibility and complete the application procedure, an applicant needs to submit certain documents. Given below is the list of those documents:<\/p>\n<ul>\n<li>Voter ID Card<\/li>\n<li>PAN Card<\/li>\n<li>Aadhaar Card<\/li>\n<li>Passport<\/li>\n<li>IT Returns<\/li>\n<li>Salary slips<\/li>\n<li>Bank account statements of the last three months<\/li>\n<li>Property documents<\/li>\n<\/ul>\n<p>Keep these documents updated and organised if you are planning to borrow a loan against property. Failing to provide any of these papers can delay your loan approval.<\/p>\n<p>You can also rely on pre-approved offers to shorten your loan approval span if you are an existing customer of the selected lender. These facilities are available on financial products like loans against property and home loans, and also assure you a hassle-free and convenient application process. You can take a look at your pre-approved offer online, simply by typing your name and mobile number.<\/p>\n<p><strong>Repayment terms<\/strong><\/p>\n<p>Mortgage loans usually come with flexible repayment terms. Yet, it would help if you looked for which are willing to permit an extended tenor for convenient repayment. Doing so would help you minimise loan burden and eliminate any financial stress. Salaried individuals are generally allowed longer repayment tenor (ranging from 2 to 20 years). For self-employed borrowers, the repayment periods can go up to 18 years.<\/p>\n<p>An applicant needs to understand all the details about this loan option, its benefits, repayment terms, property loan interest rates, and so on to make the most out of the funds. An informed decision towards availing a property loan also helps you repay the amount effortlessly.<\/p>\n<p>You can easily apply for such credits online if you meet all the mortgage loan requirements. Make sure you know all the points before applying for a loan against property.<\/p>\n<p>Go through the steps given below to gain an idea about the application process \u2013<\/p>\n<p>Step 1: Visit your lending institution\u2019s official website.<\/p>\n<p>Step 2: Go to the loan against the property section and access the application form.<\/p>\n<p>Step 3: Fill in the form with the required details and submit it.<\/p>\n<p>Once the necessary documents are collected, the lender will begin the verification process. 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