What Is Mortgage Loan ?

A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as “Loan Against Property” or “Claims on Property.” If the borrower stops paying the mortgage, the bank can foreclose.

Mortgage Loan Eligibility Criteria

Individuals who wish to apply for a Mortgage Loan need to satisfy the following basic criteria.

Age : A borrower should not be over the age of 60 years when applying for a loan.

Income : An applicant should have a minimum net monthly income of Rs 25,000 if he/she is salaried. A net annual income of Rs 3 lakhs is required for others.

Credit score : An applicant should have a decent credit score.

Property Ownership :  An applicant should be the owner of the property he/she intends to mortgage.

EMI/NMI Ratio : An applicant should have an EMI/NMI ratio which is less than or equal to 50%.

Third party loans : Third party loans can be availed only if the third party agrees to be a guarantor for a loan.

Eligibility Calculator

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Loan EMI Calculator

Loan Amount is 30000
No. of Month is 30
Rate of Interest `{`ROI`}` is 10
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Mortgage Loan Partners

GoSecure Financial has a large portfolio of partner banks and financial institutions:

Mortgage Loan, is basically loans provided by banks against the security of one’s own property. Mortgage Loan is designed to meet the financial needs of someone who already owns a house or multiple properties so as to get the best out of their assets. Its important to remember that the property which you are putting up for your loan should be free any encumbrance (i.e. it is not given as security for any purpose or any other loan). We had tied up with many financial institues and banks.

  • Axis Bank
  • Bajaj Finserv
  • Cholamandalam
  • Citibank
  • DCB Development Credit Bank
  • Deutsche Bank
  • DHFL
  • Edelweiss
  • Electonica Finance Ltd
  • First Blue
  • Fullerton
  • HDB Financial Services
  • HDFC Ltd
  • HSBC
  • ICICI Bank
  • Indiabulls Financial Services
  • IndusInd Bank
  • ING Vysya Bank
  • Investment Financial Services
  • Karvy Financial Services
  • Kotak Mahindra Bank
  • Magma Finance
  • Money Matters Finance Ltd.
  • Moneyline
  • Reliance Commercial Finance
  • Religare
  • Shriram City
  • Standard Chartered Bank (SCB)
  • Tata Capital

Documents Required for Mortgage Loan

When you apply for the LAP, ensure to keep No Objection Certificate (NOC) and property papers ready. Loan Against Property can be availed by self employed, salaried, partnership firms & private limited companies.

To make your application process simpler, here is a list of documents that you will need:

Salaried

Identity Proof
  • PAN Card (mandatory) and any one of the below documents
  • Voter Card
  • Aadhar Card
  • Valid Passport
  • Driving License
  • Photo Identity card issued by Govt. body
Address Proof  – Any one of the below documents:
  • Any one of the below documents:
  • Voter Card
  • Aadhar Card
  • Valid Passport
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Bank Statements reflecting address of borrowers of any commercial nationalized bank
  • Life Insurance Policy
  • Residence address Certificate /letter by employer on company letterhead
  • Municipal or property tax receipt
  • Post office saving bank account statement
Proof of Income – (All the documents given below):
  • Last 2 months salary slip
  • Last 6 months bank statement of salaried account
  • Latest Form 16 / ITR
Other Documents
  • Documents related to running loans along with 6 months repayment bank statements
Property Documents
  • Copy of complete chain documents of the property (as applicable)
  • Copy of Approved Plan (if applicable)

Self Employed

Identity Proof
  • PAN Card (mandatory) and any one of the below documents
  • Voter Card
  • Aadhar Card
  • Valid Passport
  • Driving License
  • Photo Identity card issued by Govt. body
Address Proof  – Any one of the below documents:
  • Any one of the below documents:
  • Voter Card
  • Aadhar Card
  • Valid Passport
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Bank Statements reflecting address of borrowers of any commercial nationalized bank
  • Life Insurance Policy
  • Residence address Certificate /letter by employer on company letterhead
  • Municipal or property tax receipt
  • Post office saving bank account statement
Address Proof for Business Entities – Any one of the below documents:
  • Shops & Establishment Certificate
  • Trade License Certificate
  • SSI Registration Certificate
  • PAN Card/Sales Tax/ VAT Registration Certificate
  • Partnership Deed (for firms) / Memorandum of Association (MOA) for companies
  • Export-Import Code Certificate/Factory Registration Certificate
  • Professional qualification Certificate and Degree Certificate for Professionals
  • SEBI Registration Certificate
    Registration No issued by ROC
Proof of Income – (All the documents given below):
  • Income Tax Returns along with computation for last 2 financials years
  • Balance Sheet and Profit & Loss account along with all annexures (duly CA certified and audited if applicable)
  • Last six months current account statement of the business entity and saving account statement of individual
Other Documents – All the documents given below:
  • Documents related to running loans along with 6 months repayment bank statements
  • Latest List of share holding pattern (duly CA/CS certified)
  • MOA (for private Limited companies)
  • Partnership deed (for partnership firms)
Property Documents
  • Copy of complete chain documents of the property (as applicable)
  • Copy of Approved Plan (if applicable)

Frequently Ask Questions

  • Application
  • Processing
  • Documentation
  • Property Verification/Valuation
  • Sanctioning of the Loan
  • Disbursement

A nominal fees and charges are to be paid to the Bank depending upon their term and conditions.

The processing of the loans usually takes 7 to 10 working days once all the documents are submitted. It also depends upon your profile and documentation.

Some financial institutions make Mortgage Loan available only under the floating rate. Fixed rate loans are off limits. Borrowers need to enquire before finalising a Mortgage Loan from lending institutions.

It is normally available for residential properties only, but can be available for commercial property also.

Yes the property has to be insured against fire, flood, earthquakes and other appropriate hazards during the tenor of the loan.

The repayment of loan is done through Equated Monthly Instalments. It can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS).

The Mortgage Loan can be pre-paid along with the pre-payment charges. Usually the bank charges 2% of the principal pre-paid.

Apply for Mortgage Loan

You can apply for a Mortgage Loan online, All you need to do is provide your details below application form.