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Important Facts Know About Mortgage Loan Rates

One of the most significant advantages of a mortgage loan is the low-interest rates it invites. Since a loan against property carries less risk for a borrower, the interest rates on it are lower compared to unsecured credit facilities. This feature, in turn, mitigates the repayment burden of borrowers considerably. Read more at https://www.bajajfinserv.in/mortgage-loan-interest-rate

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Important Facts Know About Mortgage Loan Rates

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  1. Factors Determining Mortgage Loan Interest Rates

  2. What is Mortgage Loan? A mortgage loan is a secured funding option for big-ticket expenses. It can be acquired easily by mortgaging your property – residential or commercial – as collateral. The amount sanctioned is equal to 60% to 70% of the property’s current market value. Mortgage loan can also be used to meet diverse expenses such as debt consolidation, wedding, higher educational or any other. Nonetheless, there are a few factors that play a significant role in determining your mortgage loan eligibility,

  3. Factors Determine Mortgage Loan Interest Rate? • Loan Amount - The loan amount is one of the principal factors that regulate the rates. The higher the LTV, the higher the interest rates can be as the risk of lending increases. • Income and occupation of the applicant - A stable income signifies that the borrowers will be able to repay the loan without defaulting.

  4. CIBIL score of the applicant - The applicant’s CIBIL score also plays a critical part in determining interest rates. Those with a high score usually have more chances of availing affordable rates as they are more creditworthy. • Property’s condition - The condition of the asset can also influence the rates in case of a loan against land. Houses that are in a prominent location or project a high market valuation in the future.

  5. Gain an Idea About the Application Process – Step 1: Visit your lending institution’s official website. Step 2: Go to the loan against the property section and access the application form. Step 3: Fill in the form with the required details and submit it. Once the necessary documents are collected, the lender will begin the verification process. Usually, it takes around four days for a loan against property or mortgage loan to be processed.

  6. Mortgage Loan Eligibility Criteria: For salaried individuals: - Age between 33 and 58 years. - Salaried with an MNC or private/public company. For self-employed individuals: - Age between 25 and 70 years. - Heading a business that is at least 3 to 4 years old. In addition to the above, both salaried and self-employed applicants need to hold a minimum CIBIL score of 750. A higher score can help them secure lower mortgage loan interest rate.

  7. Documents for Avail Mortgage Loan • Mortgage documents. • PAN. • OVDs for KYC (Aadhaar, passport, voter ID, driving license, etc.) • Bank account statements of the previous 3 to 6 months (based on the customer type). • Income tax returns. • Employee ID card for salaried applicants. • Proof of business existence in case of self-employed applicants (GST registration certificate, Udyog Aadhaar Memorandum, trade license, partnership deed, etc.).

  8. THANK YOU

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