Both Salaried as well as Self-Employed people can avail Mortgage Loan, irrespective of the income.

The general factors taken into account while determining the eligibility of loan against property are listed below:

• Income
• Age (Min. 21 Years)
• Property Valuation
• Existing Liabilities (if any)
• Current Work Experience
• Financial Documents
• Number of Dependants

You can get a LAP up to 80% of the registered value of your property depending on the Bank’s policy and the property type and valuation.

The value of the property would be determined through a valuation conducted by the Loan Provider.

There is a huge difference between a Home Loan and a Loan against property. Home Loan is taken only for the purpose of buying a residential property whereas a Loan against Property can be taken for any purpose.

• Application
• Processing
• Documentation
• Verification/Valuation
• Sanctioning of the Loan
• Disbursement

Yes, a nominal fees and charges are to be paid to the Bank depending upon their term and conditions.

• Application form with photograph
• Identity and Address Proof
• Latest Salary Slips
• Form 16
• Bank Statements (Last 6 months)
• Processing fee cheque

• Application form with photograph
• Identity and Address Proof
• Proof of business existence & Education Qualifications
• Last 3 years ITR
• Last 3 years P&L and Balance Sheet
• Bank Statements (Last 6 months)
• Processing fee cheque

The processing of the loans usually takes 7 to 10 working days once all the documents are submitted. It also depends upon your profile and documentation.

Yes the property has to be insured against fire, flood, earthquakes and other appropriate hazards during the tenor of the loan.

The repayment of loan is done through Equated Monthly Installments. It can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS)

The loan against property can be pre-paid along with the pre-payment charges. Usually the bank charges 2% of the principal pre-paid.