Nowadays, owning property or home is the greatest achievement in everyone’s life which provides safety and comfort to the owners. A property value is never diminished and offering solutions to many problems. Keep the property as a security to avail mortgage loan Vizag. LoanOnMind provides mortgage loan in Visakhapatnam, India. The maximum loan amount will depend on the applicant’s credit score, repayment capacity, financial standards, and loan duration.
The interest rates are varying from lender to lender. Banks offer special discounts for their existing customers. At LoanOnMind, one can compare the interest rates of different banks to get the best offer.
Every lender has it’s own eligibility criteria for loan against property. The following are the general criteria of mortgage loans:
1. Residence: Some lenders require only Indian residents. Other lenders didn’t have this restriction. They offer loans for NRIs.
2. Annual Income: The income could be different for salaried and self-employed professionals.
3. Age: The applicant’s age should be between 21 to 70 years but no more than maximum age at the time of loan maturity.
4. Employment status: Salaried and self-employed individuals can avail these loans.
5. Minimum Loan Amount: It depends on the lender and location of the property.
1. Signed Application form with photograph
2. Processing fee cheque
3. ID Proof: Aadhar Card/ Driving License/ Voter ID/ PAN Card
4. Last 6 months bank account statement
5. Property Document: Copy of original sale deed, NOC from society, allotment possession letter
6. Income Proof: For a salaried employee, last 3 months salary slips, form 16 or IT returns. And for self-employed individuals, last 3 years income tax return with computation of income, last 3 years audited balance sheet and profit & loss account certified by CA/ CS
There are 2 types of rates of interest:
Fixed Interest Rate: The rate of interest is the same for the complete loan duration. Lenders offer this interest rate type for specific loan tenure and may not offer this option for a mortgage loan.
Floating Interest Rate: The interest rate keeps changing according to prevailing market rates. Since the rate changes and is depending on the market conditions, it is not possible to determine a typical rate. These rates linked to the MCLR (Marginal Cost of Funds Based Lending Rate). These rates are published on the lender’s website and changed periodically.