What is mortgage loan and how to apply mortgage loan

 

There will be many of you who have heard or read about mortgage loan at some point or the other, but do not have the right information about it. Don't worry, in this article we will provide you all the information like what is mortgage loan and how to apply for it. Let 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. Mortgage loans are generally taken by individuals who buy a new home. They take a loan against the registry of the house by mortgaging the documents of the newly purchased house with the financial institution.

    Loan Against Property (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 kept with the financial institution till the loan amount is fully repaid. The borrower can use the loan amount for any personal or business needs.

commercial 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 the purchase of property.

 Loan Against Home Registry

    It is the dream of every middle class family to have their own house. In such a situation, a mortgage loan is the best option for the reconstruction of the house. These days 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?

For mortgage loans, different financial institutions have created different eligibility criteria. Some of the most common criteria are listed below.

   you are resident of india

    Your age should be minimum 25 years and maximum 75 years

    If you are self-employed, you must have been in the same business for at least three years

What are the documents required for taking loan against land?

There are certain documents you need to submit while applying for a mortgage loan against property. Some of these documents are:

    Correctly filled mortgage loan application form along with a copy of your PAN card

    Some accepted KYC documents like: Aadhar Card / Driving License / Voter ID Card / Lease or Rent Agreement

    Business Proof: Sales Tax / Service Tax / Excise / VAT Registration / Business License / Partnership Deed / Certificate of Practice

    Income proof: ITR statement for last three years, balance sheet, P&L account and bank account statement for last six months

How to Apply for All Mortgage Loans?

To apply for a mortgage loan, you can apply either on 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 Mortgage Loan on Property webpage

    Check your eligibility from the Eligibility Criteria section available on the website

    On the mortgage loan page, check the documents required for mortgage loan

    Click on the 'Apply Now' tab and fill in the required information, and submit the online form.

    Once you are satisfied with your details, the Institute officials will get in touch with you.

    You can also apply for a mortgage loan by visiting the nearest branch or outlet of the financial institution.

Hope you now have in your mind how to take loan against property or how to take loan in 5 minutes? 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 thinking of taking a mortgage loan, then apply your loan today.