Mortgage Loan Eligibility Criteria
Features of Mortgage Loan Eligibility Criteria:
- Mortgage Loan start from Rs 2 Lacks onward depending on your property valuation and your individual eligibility.
- Loan against property can be borrowed up to 70% of market value of the same property.
- Easiest and Flexible for taking option between an EMI based loan or an overdraft facilities.
- Property loan is available with the option of high tenure loans for low burden of repayment.
- Low PLR rate and maximum tenure with low interest rates as comparison with Personal loan or Business loan.
- Simple documentation and speedy processing.
- Mortgage Loan are available for salaried & self-employed individuals or company also.
- It is 2nd cheapest loan in market where Home Loan is 1st: It works out to be much cheaper than loans, Business loan which is usually issued at interest rates in the region of 16 per cent-21 per cent.
- On the basis of security, they provide longer tenure: The tenure for a Loan against Property is usually longer than personal loan. Generally, based on a secured loan tenure goes up to 15 years.
- Due to a secured loan the another quality of LAP is lower rate of interest it makes this product a lowest EMI product.
- LAP requires a normal document like personal loan or business loan. only property documents are added for collateral purposes.
- Latest clear Identity Proof
- Current & updated Residence Address Proof
- At least 6 month Bank Statement
- Minimum of last 3 month salary slips
- Previous or current job experience proof
- Form 16 for previous employment / ITR for self employed
- Property Document
Lots of Banks are available they are funding against all kinds of properties in India and mortgage loan can be used for business purpose, personal purpose of some higher educational requirement for your any of family members and it is always better option from any of unsecured personal or business loans. Check mortgage loan eligibility criteria !