Month: September 2021

Do you want to take mortgage loans? Are you not getting unsecured loan? If you have a property and want to take a loan by mortgaging this property, then you will get the loan, which is called loan against property(Mortgate Loans). 

The bank would like to know from you why you want to take the loan. Loan against Property, you can take for business expansion, for building a house, for daughter’s marriage and for other purposes. 

Mortgage loans-Loan against Property

If you have property and want to take loan against property, by mortgaging the property, then it is called loan against property(Mortgage Loans). 

In times of limited salary and inflation, you may have a sudden need of money at any time.on the other handPersonal loan also has a limit that you cannot take a loan of more than a certain amount. Your need may be so big that you are planning to sell your property. However, you can consider Loan against Property (LAP) for getting a large loan amount. By mortgaging the property you were trying to fulfil your need than selling it, you will get the job done. You can use residential or commercial property for loan against property. Come; let us know about it in detail.

Loan Amount for mortgage loans(Loan to Value):-

The loan amount is based on the value of the property. Most banks or other lending companies offer loan amounts between 50-75 per cent depending on the market value of the property. The loan amount depends on the condition of the place where the property is located. After all this the credit score of the applicant, source of income etc. is seen.

Process:-

Now the bank sees what is your income. Are you a salaried man or a businessman? If you work, then you can get a home loan of four times your annual income, if no EMI  is going on then , if any your EMI is going on, the bank will give you that loan amount except for, which will become your eligibility. 

If you are a businessman then you will get 7 times of your annual income home loan. If no EMI is running then , if any your EMI is going on, the bank will give you that loan amount except which will become your eligibility.   All banks in the country loan against property give, the process of giving loan of all banks is different. The interest rate of all the banks is different, the terms and conditions of all the banks are different. If we follow them then we get loan easily. Before taking a loan, we need to know the bank terms and conditions, before taking a loan, we should know interest rate, processing fees-paid , the insurance and additional deductions.

Documents required for Loan against property(mortgage loans):-

Usually, almost identical documents are required to be produced for all the banks. Here we are giving the list of required documents to this,, according to complete your paper preparation for mortgage loan.

Documents required mortgage loans:-

1. Identity Card
2. Loan Application- Fill your loan application form and three passport size photographs with it.
3. Identity Proof- PAN, Passport, Driving License, Voter Card. One of these ID cards.
4. Residence certificate- copy of telephone bill, electricity bill, water bill, gas pipeline bill; Copy of Passport, Driving License or Aadhar Card. any one of these.

Property Papers for Mortgage Loans :-

1. Registered Agreement for Sale, Allotment Letter for Sale or Stamped Agreement
2. Possession Certificate
3. Maintenance Bill, Electricity Bill, Property Tax Receipt
4. Approved Plan Copy (Xerox Blueprint) and Builder’s Registered Development Agreement, Conveyance Deed (For New Property)
5. Account Statement
6. Bank account statements for the last six months of all the bank accounts with the applicant,
7. if any loan has already been taken from any other bank or lenders, then loan statement for the last one year

Income proof of Salaried applicant, Co –applicant and the Guarantor:-

1. Salary slip or salary certificate of last three months, Bank Statement of LAST 3 MONTHS
2. Copy of Form 16 for last two years or copy of IT Returns of last two financial years

Income proof of Non-salaried applicant, Co -applicant and Guarantor:-

1. Business address Proof
2. IT Returns for the
3. last three years Balance Sheet and Profit and Loss Account for the last three years
4. Business License details
5. TDS Certificate (Form 16A, if applicable) Qualified for
6. CAs, Doctors and other professionals education certificate

FAQ(PROPERTY LOAN)

Some Important article link, Read also

• How can we get Personal Loan?
• How can we get Car Loan?
• How can we get Home loan?
• How can we get Business Loan?
• Know about Loans in Hindi

Do you want to buy a house and you have money to buy a house If you do not have money to buy a house then you can take a loan from any bank or NBFC? Nowadays banks are giving you the least rate of interest loan to buy a house. Now if you are buying a municipal authority approve house in any city, then you will get a minimum rate of interest rate up to 6.5%. If you are buying a house in the regularise colony of that city, then from nbfc you will get a home loan at 9.5%.onword..

Applicant profile for Home Loan

Now the bank sees what is your income. Are you a salaried man or a businessman? If you are doing job, then you can get a home loan of four times your annual income, if no EMI  is going on then , if any our EMI is going on, the bank will give you that loan amount except for, which will become your eligibility according to bank policy.

If you are a businessman then you will get a home loan of 7 times of your annual income. If no EMI is running then, if any your EMI is going on, the bank will give you that loan amount except which will become your eligibility according to bank policy.

All bank policy are differ

All the bank loans in the country, Process to all the bank’s loans vary. The interest rate of all banks is different, the terms and conditions of all banks are different. If we follow them then we get loan easily. Before taking a loan, we need to know the bank terms and conditions, before taking a home loan, we should know the interest rate, processing fee insurance, and additional deductions.

Low-interest rates for home loans are a great hope for those who have been looking to buy their dream home for a long time. However, no one would like to waste a day due to lack of documents in their loan application. Therefore, you need to collect certain documents before starting the loan application process.

For ladies home loan at low interest rates

Now the convenience of home loan at concessional rates is not limited to men only, now working women can also take loan through new schemes implemented by various lenders. In today’s modern society, now along with men, women are also playing an important role financially for their family’s prosperous life.

Most of the banking, non-banking organizations and non-banking finance companies have come out with many offers for home loans for women at lower interest rates than men. Generally, women than men 0.05% get home loan at the lower interest rates. Finance companies and lenders consider giving loans to women less risky. Because of this, women also get loans easily.

Home loan required Documents:-

Usually almost identical documents are required to be shown for all the banks. Here we are giving the list of required documents, according to this, complete your paper for home loan.

Documents required for all types of applicants and co-Applicant

Identity Card

Loan Application– Fill your loan application form and three passport size photographs with it.

Identity Proof– PAN, Passport, Driving License, Voter Card. One of these ID cards.

Residence certificate -telephone bill, electricity bill, water bill, copy ofgas pipeline bill; Passport, Copy ofDriving License or Aadhar Card. any one of these.

Property Papers

1. Approved for building (if you have it Applicable case)
2. Registered for agreement allotment letter or Stamped Agreement for the
3. Occupation certificate
4. Maintenance bill sale, electricity bills, property tax receipt
5. Approved Plan copying (Xerox blueprints) and the builder Registered Development Agreement, Conveyance Deed (For New Property)
6. Payment Receipts or Bank Account Statement showing all payments made to the builder or seller
7. The last six months of bank account statements (Applicant and co- applicant)
8. If someone took a loan from other banks or lenders loan statements of the past year

Salaried applicant, co-applicant, all guarantor income Proof

1. Last 6 months salary slip or salary certificate
2. The last six months of bank account statements (Applicant and co- applicant)
3. Form-16 for last two years or copy of IT returns of last two financial years

Non-salaried applicant, co -applicant, Income proof of guarantor

1. Business address Proof
2. Last three years of iT returns
3. Last three years of the balance sheet and profit and loss account
4. The business license details
5. TDS certificates (form 16A, if Applicable so)
6. The last six months of bank account statements CA/Saving both (Applicant and co- applicant)
7. CA, qualification certificates to doctors and other professionals

FAQ(HOME LOAN)

Some Important article link, Read also

• how can we get Business loan?
• How can we get Car Loan?
• How can we get personal Loan?
• LOAN ARTICLE IN HINDI