Mortgage Loan

Banks provide loan against mortgage of property on an attractive rate of interest. Businessmen, self employed professionals, salaried customers are all eligible to apply for the loan. It enables the borrower to apply for loan against a fixed asset. A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The interest varies from 10% to 13%.

Documents Required for Approval of Mortgage Loans:

Salaried Individuals:

1. Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
2. Address Proof (Ration card Tel/elect. Bill/ / Passport copy)
3. Bank Statements(latest 6 months bank statement /passbook)
4. Latest salary slip or current dated salary certificate with latest Form 16
5. Proof of ownership of fixed asset being mortgaged

Self Employed Professionals and Businessmen:

1. Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
2. Address Proof (Ration card Tel/electricity Bill/ Passport )
3. Bank Statements(latest 6 months bank statement /passbook)
4. Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
5. Qualification proof of the highest professional degree
6. Proof of continuation (Trade license /Establishment /Sales Tax certificate)
7. Other Mandatory Documents (Sole Proprietorship. Declaration. Or Certificate.
8. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)
   Proof of ownership of fixed asset being mortgaged