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MORTGAGE LOAN

Often the customer gets confused between a home loan and a mortgage loan. A mortgage loan is purely a property loan that is given by mortgaging the customer's property like a house, shop, plot, plant etc. It is always done on the property which is All ready is registered in the name of the customer, Mortgage loan is a very convenient loan that can be set as per the requirement of the customer. Mortgage loan is for a long period like a home loan, hence it is easy for the customer to repay it and also the interest rate of a mortgage loan is also It is convenient. Mortgage loan is given as per the individual requirement of the customer. The value of his property is the main basis of the loan. Generally, 50% loan of the property value is provided but considering the profile of the customer and his business turnover, it can be increased to 75%. can also be done up to

Tenure: The maximum tenure of a mortgage loan is 15 years, which can be reduced according to the customer's capacity to pay the installments.

ROI : The interest rate on mortgage loan can range from 9% to 15% (flexible) depending on the CIBIL score of the customer, his previous loan payment record, his business profile, and the nature of the property he is offering. Generally, it is less at home and shop and more at the plot.

Part Payment Facility: This is also an important feature of the mortgage loan. Under this, apart from the monthly installment, the consumer can also make part payment which is completely interest free and reduces the principal amount of the loan by 25% of the normal loan amount. The amount can be paid as part payment in a financial year without any other fee. After this, if part payment is to be made in the same financial year, then it has to be paid along with the fee.

Documents/Papers for Mortgage Loan: For Business/Businessmen

• Photo (3+3) (Applicant + Co-applicant)
• Aadhar Card Copy (Applicant + Co-Applicant)
• PAN Card Copy (Applicant + Co-Applicant)
• Audit Report/Income Tax Return for three years (May Computation, Balance Sheet, Profit/Loss Account, Capital Account)
• Bank Statement (One Year)
• Gumasta License/Udyam Aadhaar
• GST Registration (if applicable)
• Electricity bill home/shop (current month)
• Property Pepers to be mortgaged

Documents/Papers for Mortgage Loan: For Employment

• Loan statement (which is ongoing)
• Aadhar Card Copy (Applicant + Co-Applicant)
• PAN Card Copy (Applicant + Co-Applicant)
• Pay slip for last three months
• Bank Statement Salary Account (Six Months)
• Form No.16 (Last Two Years)
• Joining letter (if a private company)
• Electricity bill house (current month)
• Loan statement (which is ongoing)
• Property Pepers to be mortgaged

Note: In mortgage loan, one always has to pay for closing charge which can range from 2% to 4.5% in different companies. In some special circumstances, it can also be exempted