What is a Mortgage Loan?
A mortgage loan, also known as a Loan Against Property (LAP), is a secured loan that you can avail by pledging your property as collateral. The property, whether residential or commercial, remains with the lender until the loan is fully repaid. This type of loan allows you to unlock the value of your asset to meet significant financial needs.
Since it's a secured loan, it often comes with a lower interest rate compared to unsecured loans. You can use the funds for various purposes, such as business expansion, higher education for your children, wedding expenses, or funding a medical emergency, without any restrictions from the lender.
Features & Benefits of a Mortgage Loan
Unlock the potential of your property with a loan that offers numerous advantages.
Get a substantial loan amount based on the market value of your property.
Enjoy flexible and longer repayment tenures, making your EMIs more affordable.
Since it is a secured loan, the interest rates are generally lower than unsecured loans.
With simple eligibility criteria and minimal documentation, loan processing is fast.
Use the funds for any personal or business purpose without any restrictions.
Option to transfer your existing mortgage loan to another lender for better terms.
Types of Mortgage Loans
Different types of properties can be mortgaged to suit various financial requirements.
Mortgage Loan Eligibility Criteria
Lenders assess various factors to determine your eligibility for a loan against property. While specific criteria may vary, here are the general requirements for both salaried and self-employed individuals.
For Salaried Individuals
- Nationality: Must be an Indian citizen.
- Age: Typically between 25 and 70 years.
- Employment: Salaried individual with a stable job.
- CIBIL Score: A good score, usually 750 or higher.
- Work Experience: Generally, a minimum of 3 years of work experience.
For Self-Employed Individuals
- Nationality: Must be an Indian citizen.
- Age: Typically between 25 and 70 years.
- Business Vintage: A stable business operating for at least 5 years.
- Income: A steady flow of income from the business.
- CIBIL Score: A strong credit history with a high CIBIL score.
Documents Required for Mortgage Loan
A streamlined documentation process ensures faster loan disbursal. Here’s a list of common documents you’ll need to provide.
- KYC Documents: Aadhaar Card, PAN Card, Voter's ID, Passport.
- Proof of Income: Latest salary slips, bank statements, ITR for the last 2 years.
- Property Documents: Title deeds, sale agreement, and other property ownership papers.
- Proof of Business Existence (for self-employed): Business registration certificate, GST registration.
- Employment Proof: Appointment letter or employment certificate.
Why Choose Quick Services?
Experienced Professionals
Our team consists of highly trained and experienced security and management experts.
Client-Centric Approach
We tailor our services to meet the unique needs and requirements of each client.
Reliability and Trust
Committed to providing dependable services that our clients can trust.
24/7 Support
Our support team is available around the clock to address any concerns.
