Get Affordable Interest Rates with Mortgage Loan

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Factors Determining Mortgage Loan Interest Rates
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What is Mortgage Loan?

• A mortgage loan is a secured funding option for
  big-ticket expenses. It can be acquired easily by
  mortgaging your property residential or
  commercial as collateral. The amount sanctioned
  is equal to 60 to 70 of the propertys current
  market value. Mortgage loan can also be used to
  meet diverse expenses such as debt consolidation,
  wedding, higher educational or any other.
  Nonetheless, there are a few factors that play a
  significant role in determining your mortgage
  loan eligibility,

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Factors Determine Mortgage Loan Interest Rate?

• Loan Amount - The loan amount is one of the
  principal factors that regulate the rates. The
  higher the LTV, the higher the interest rates can
  be as the risk of lending increases.
• Income and occupation of the applicant - A stable
  income signifies that the borrowers will be able
  to repay the loan without defaulting.

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• CIBIL score of the applicant - The applicants
  CIBIL score also plays a critical part in
  determining interest rates. Those with a high
  score usually have more chances of availing
  affordable rates as they are more creditworthy.
• Propertys condition - The condition of the asset
  can also influence the rates in case of a loan
  against land. Houses that are in a prominent
  location or project a high market valuation in
  the future.

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Gain an Idea About the Application Process

• Step 1 Visit your lending institutions official
  website.
• Step 2 Go to the loan against the property
  section and access the application form.
• Step 3 Fill in the form with the required
  details and submit it.
• Once the necessary documents are collected, the
  lender will begin the verification process.
  Usually, it takes around four days for a loan
  against property or mortgage loan to be processed.

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Mortgage Loan Eligibility Criteria

• For salaried individuals
• - Age between 33 and 58 years.
• - Salaried with an MNC or private/public company.

For self-employed individuals - Age between 25
and 70 years. - Heading a business that is at
least 3 to 4 years old.
In addition to the above, both salaried and
self-employed applicants need to hold a minimum
CIBIL score of 750. A higher score can help them
secure lower mortgage loan interest rate.
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Documents for Avail Mortgage Loan

• Mortgage documents.
• PAN.
• OVDs for KYC (Aadhaar, passport, voter ID,
  driving license, etc.)
• Bank account statements of the previous 3 to 6
  months (based on the customer type).
• Income tax returns.
• Employee ID card for salaried applicants.
• Proof of business existence in case of
  self-employed applicants (GST registration
  certificate, Udyog Aadhaar Memorandum, trade
  license, partnership deed, etc.).

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