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how to apply mortgage loan| mortgage loan eligibility

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There will be many of you who have heard or read about mortgage loan at some point of time, but will not have accurate information about it. Don’t worry, in this article we will give you all the information like mortgage loan eligibility and how to apply for it. Let us first find out what is meant by mortgage?

A mortgage or mortgage loan is a loan taken against a property. In which a person mortgages his property with a financial institution and borrows some money from it and after repaying the loan amount, he gets back the ownership of his property. Mortgage loans are usually taken out by people who are buying a new home. They mortgage their newly purchased home documents to a financial institution and take a loan at the home registry.

Loan Against Property (LAP)

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Loan against a property is commonly known as LAP. LAP is offered for commercial and residential properties. Borrowers have to mortgage their assets to get money from lenders. The original documents of the property will have to be submitted to the financial institution till the loan amount is repaid in full. The borrower can use the loan amount for any personal or business needs.

commercial shopping

Business purchase loans are commonly taken by traders and businessmen. They take loans to buy assets like shops, office space and commercial complexes. The interest rate of this loan is different from other loans. This loan amount is used only for the purchase of property.

Loan Against Home Registry

Every average family dreams of having their own house. In such a situation, a mortgage loan is the best option for the reconstruction of the house. Today there are many financial institutions where you can easily get loans at cheap interest rates. For the loan, the borrower has to mortgage his home registry with the financial institution, which is to be repaid after the loan is repaid.

Who can get a mortgage loan?

Different financial institutions have set different eligibility criteria for mortgage loan. Some of the most common criteria are listed below.
you are from India.
Your age should be minimum 25 years and maximum 75 years.
If you are self-employed, you must have been in business for at least three years.

What documents are required to get a land loan?

here are certain documents you need to submit while applying for a mortgage loan against property. Here are some documents:
Correctly fill out the mortgage loan application form along with a copy of your PAN card.
Some accepted KYC documents like: Aadhar Card / Driving License / Voter ID Card / Lease or Lease Agreement
Business Proof: Sales Tax / Service Tax / Excise / VAT Registration / Business License / Partnership Deed / Certificate of Practice
Proof of Income: ITR statement for the last three years, balance sheet, P&L account and bank account statement for the last six months.

How to apply for all mortgage loans?

To apply for a mortgage loan, you can apply on the financial institution’s website or in person at their branch office. Follow the steps given below to apply online on the website.

Go to Mortgage Loan on the property web page.

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Check your eligibility from the eligibility criteria section available on the website.
On the mortgage loan page, check the documents required for the mortgage loan.
Click on the ‘Apply Now’ tab and fill in the required information, and submit the online form.
Once you are satisfied with your details, the Institute staff will get in touch with you.
You can also apply for a mortgage loan by visiting the nearest branch or outlet of the financial institution.

Hopefully, now you must have thought that how to get loan against property or how to get loan in 5 minutes? As the questions are being raised, now you will be calm and get complete information about mortgage loans. So if you are also thinking of taking a loan, then apply for your loan today.

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