Borrowers will come across different situations when they will need funds. This may be for their children’s marriage, investment in a business or higher education. At this time, their property can act as a great asset since it serves the purpose of collateral and helps them get a loan against it.
As a secured loan, mortgage loan interest rates are lower, and it also increases the chance of faster approval.
Features of a mortgage loan
Following are the features and advantages of a mortgage loan:
- Easy documentation
- Flexibility of loan repaying option
- Low interest on LAP
- Ability to pre-close
- Avail your dream home with an ease – Explore our useful mortgage interest calculator that provide the best and affordable interest rates around the market!”
How to apply for a mortgage loan?
Following are the steps to apply for a mortgage loan online:
Step 1: Visit the official website of a financial institution
Step 2: Determine the loan amount
Step 3: Check out the eligibility criteria
Step 4: Fill out the application form
Step 5: Click on ‘Confirm’
Step 6: Submit the essential documents
Step 7: Wait for the verification of the documents
Step 8: After verification, the borrower will get the sanction letter from the lender
Step 9: The borrower will finally receive funds into their account
Read More: Various Factors That Affect Your Loan Against Property Interest Rate
Documents required for a mortgage loan
Following are the documents required to avail a mortgage loan:
- Identity proof
- Address proof
- Current salary slips (for salaried persons only)
- Bank account for the previous three months
- Documents of the mortgaged property
- Income Tax Returns
Loan Against Collateral 