How to get Mortgage Loan in indian banks

How to get Mortgage Loan in indian banks

A amortize loan is one in which you secure investment by pledging your property. The regard rates on mortgage loans scope from 8.15% to 11.80% p.a. Usually, the amount of capatlize you can avail will be up to 60% of the registered appreciate of the property. Some banks also offer amortize loans up to Rs.10 crore. The repayment tenure for amortize loans can be up to 15 years.

Indian Bank Mortgage Loan Fees & Charges

Type of Charge Amount
Processing Fees 1.178%
Part prepayment Impose Part prepayment can be done after 6 months from date of first disbursement. One payment allowed every financial year. Can be upto 5% of outstanding loan.
Foreclosure Charges Prepayment with own sources-Nil, prepayment with refinance-2.30%
Stamp Duty (Facility documentation & Property) plus Registration As per actual
Legal, recoup and incidental Charges As per actual
Insurance Premium As per actual
Creation of charge with ROC As per actual
Customer Credit Details Report (Credit Bureau) May be Rs. 200 per report especial customers & Rs.750 per report for non-especial customers
Provision cancellation charges May be upto Rs. 2000 plus GST plus consider charges from deposit date upto cancellation request
EMI cycle change Upto Rs. 500 plus GST
NOC Issuance Charges Upto Rs. 500 plus GST (None for first NOC)
Cheque bounce Charges Upto Rs. 500 plus GST
Late payment Charges Upto 3% per month
Cheque swap Charges Upto Rs. 500 plus GST

Indian Bank Mortgage Loan Eligibility

Age:

Age of the candidate should be 18 to 60 years while appeal for Loan against Property.

Minimum Income: 

Loan in opposition to Property is generally availed by salaried and self employed individuals to meet their personal and business conditions.Consistent income of the borrower plays a cardinal role in determine borrower’s eligibility for the loan.

Credit Score: Credit score shows the ability of loan indemnify. Credit score ranges between 300 and 900. If you bring a proper credit score then you will get LAP cozy with minimal documentation.

Property Value: Property value is a important factor in decide your qualification for LAP. In your loan qualification process location and type of property matter important. Whether the effects is located in metro, town or rural area and whether it is suburban, commercial or industrial property, all these points are considered by the lender in detail.

Indian Bank Mortgage Loan Documents Required

Point Salaried Customers Self Employed Professionals Self Employed Businessman
Form Application form with photograph Application form with photograph Application form with photograph
Processing fee cheque Processing fee cheque Processing fee cheque Processing fee cheque
Proof of Identity Photo credit card/ PAN card/Driving license/Voter ID card/Employee ID card/Defence or Police or Government department ID card Photo credit card/ PAN card/Driving license/Voter ID card/Employee ID card/Defence or Police or Government department ID card Photo credit card/ PAN card/Driving license/Voter ID card/Employee ID card/Defence or Police or Government department ID card
Proof of Residence Bank account statement/ Latest electricity bill/Latest LIC policy/telephone bill/Latest credit card statement/insurance premium receipt/Employers letter certifying the current mailing address Latest mobile/  Bank account statement/ LatestLatest credit card statement/electricityLatest LIC policy/insurance premium receipt/telephone bill/Latest mobile/Employers letter certifying the current mailing address Bank account statement/ Latest electricity bill/ Latest mobile/telephone bill/ Latest credit card declaration/ Latest LIC policy/insurance instalment receipt/ Employers letter certifying the current mailing address
Proof of Income Form 16 Last 3 years Income Tax returns (self and business) & Last 3 years Profit /Loss and Balance Sheet Business profile, Last 3 years payback /Loss and Balance Sheet & Last 3 years Earnings Tax returns (self and business)
Bank Statement Last 6 months bank statements Last 6 months bank statements Last 6 months bank statements (self and business)
Guarantor form Elective, varies from lender to lender Elective, varies from lender to lender Elective, varies from lender to lender

 

 

 

 

 

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