Mortgage Loans

Eligibility Criteria:

Age: Typically between 21 to 65 years.

Employment: Steady employment with a minimum tenure (usually 2-3 years).

Income: Regular income with a minimum income threshold set by the lender.

Credit Score: A good credit score is usually required (above 700).

Documentation:

Identity Proof: Aadhaar card, Passport, Voter ID, etc.

Address Proof: Aadhaar card, Passport, Utility bills, etc.

Income Proof: Salary slips, Income Tax Returns (ITR), Bank statements, etc.

Property Documents: Sale deed, Property tax receipts, Approved building plan, etc.

Property Valuation: The lender will assess the value of the property you want to mortgage.

Loan Application: Submit a loan application form along with the required documents to the lender.

Credit Appraisal: The lender evaluates your creditworthiness based on your credit score, income, employment history, etc.

Legal Verification: The legal documents of the property are verified to ensure there are no legal issues.

Approval and Sanction: If everything meets the lender’s criteria, the loan is approved and sanctioned.

Loan Disbursement: After approval, the loan amount is disbursed either directly to you or to the seller or builder, depending on the agreement.

Registration: The mortgage is registered with the Registrar of Assurances or Sub-Registrar of Assurances to make it legally valid.

Repayment: Repay the loan amount in EMIs (Equated Monthly Installments) as per the agreed-upon terms.
Insurance: Mortgage loans often require property insurance to protect the lender’s interest.