What is a Mortgage Loan?
The mortgage loan is one kind of secure loan in which the applicant submit assets like a home (residential) or any other commercial property as collateral to avail the loan amount. On a common note, the loan amount would value 40% to 60% of the properties submitted. You can pledge a property and avail a loan upto 5 crores. The collateral submitted will stay with the lender, and if in case the borrower doesn’t make the return payments, then the lender has the right to sell the property.
Features of Mortgage Loan
Zero Prepayment and Foreclosure charges
Taking up a mortgage loan tends to be maximum savings for the borrower as there are no prepayment and foreclosure charges.
The repayment tenure for Mortgage loan customers varies with the nature of the profession. For salaried individuals can range up to 30 years, and for self-employed, it could fall up to 18 years.
The team at Fincover makes our full efforts to quickly process the loan request. The documentation process around Mortgage loans is very simple.
High amount – Reasonable Interest
The interest rate varies from the lenders; on a general note, the number falls from 11% to 15%. People get to apply for huge value loan amounts with Mortgage loans.
The below-given documents are to be submitted for Mortgage loans.
- Bank statement
- Salary slip & IT returns (salaried applicants)
- Address proof
- Property Documents
- Identity proofs (Aadhar card & PAN card)
- Indian Citizen
- Working experience of 3 years (Salaried applicants)
- Proof for Steady income (Self-employed applicants)