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 |