Overview
A mortgage loan is a loan that is disbursed to the borrower against the property. The property here serves as collateral to secure the loan. Commercial properties, like shops, warehouses, showrooms, etc., serve as collateral to get loans.
This type of loan is also known as a loan against properties. Who is eligible to take a property loan? How to use the mortgage loan? It can be used for multiple purposes, including buying a new home, or property, refinancing a property, etc.
Many of you might be thinking what is refinancing? In simple language, it refers to borrowing a new loan for a property whereas the original loan is still being repaid.
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We are offering a wide range of mortgage loans in Ahmedabad to borrowers. Choose the best mortgage loan in Ahmedabad for your requirements. Not sure which loan suits you. No worries. Our professionally qualified financial consultant will help you in choosing the most suitable mortgage loan for your requirements.
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Features of a brilliant LAP:
- A reasonable interest rate
- A good value for your property
- Flexible tenure for repayment
- Minimal processing fees
Interest rates
Coming to interest rates, it depends on your occupation. For salaried loan borrowers, loan interest rate starts from 7.25% per annum. While for self-employed loan borrowers, the interest rate begins from 9.25% per annum and goes up to 11.50% per annum.
Eligibility Criteria
Salaried Persons
Age – Minimum 21 years or above at the time of loan application. Below 65 years at the time of loan maturity.
Income – Above INR 1.8 LPA., need to submit profits details of the past two years of business and a record of the business of at least three years.
Self-Employed
The applicant should be graduate degree holder if the applicant works in a private limited company or a partnership. It’s waived off, if you are employed with a public limited company.
Income – Above INR 40,000 per month and must be working for the past 2-3 years.
Age – Minimum 18 years of age at the time of application but below 60 years at loan maturity.
Sanction of the loan is solely at the discretion of the bank.
Documents
Self-Employed
| Application Form | For Proprietor/Firm/Company |
| Compulsory document | Pan card |
| Identity proof | Driving License/ Passport/ Voters ID /Aadhaar card (Voluntary) |
| Address Proof | Address proof for Both Office and Residence; Passport/Driving License/Voters ID/ Utility Bill/Bank Statement/Bank Account Passbook (Updated and no more than 3 months old) /Aadhaar card(Voluntary) |
| Ownership proof | Agreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate |
| Business continuity proof | Shop and Establishment certificate/Tax registrations-VAT/Service tax/GST registrations |
| Firm Constitution | MOA/AOA/Partner Ship Deed/GST Registration Certificate/Form 32 for knowing latest directors |
| As per Program | |
| Financial | 1. Latest three years audited financials. |
| 2. Last three years Tax Audit Report. ( Form 3CB + 3CD in case of proprietorship and partnerships and Form 3CA + 3CD in case of Companies) | |
| 3. GST | |
| 4. Breakup of all secured and unsecured loans | |
| 5. As on date List of Directors and Shareholding Pattern | |
| 6. Existing loan Sanction letters and their corresponding EMI reflecting bank statement for last 1 year . | |
| Banking | Last 1 year bank statement (Business Accounts) |
Salaried Persons
| Application Form | For Salaried |
| Compulsory document | Pan card |
| Identity proof | Driving License/ Passport/ Voters ID/Aadhaar card (Voluntary) |
| Address Proof | Address proof for Both Office and Residence; Passport/Driving License/Voters ID/ Utility Bill/Bank Statement/Bank Account Passbook (Updated and no more than 3 months old)/Aadhaar card (Voluntary) |
| Ownership proof | Agreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate |
| Relationship Proof | Relationship Proof – If same cannot be proved from KYC documents submitted |
| As per Program | |
| Financial | 1. Latest 3 months Salary Slips |
| 2. Latest Form 16 | |
| 3. Employment Proof (Appointment Proof) only if current employer name does not match with that of the Form 16 submitted | |
| Banking | Latest 6 months Bank Statement reflecting Salary as well as existing EMI repayment |
Factors Affecting Mortgage Loan Eligibility
The interest rate for a loan against property, the tenure of such loan, and other variabilities depend on the following:
- Age and city of the applicant
- Monthly and annual income
- Source of income
- Existing debt
- Purpose of loan
- Tenure of loan
- Market evaluation of the property
- Vulnerability of the location (prone to floods, earthquakes, etc.)
- Age of the property
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