Mortgage Loan
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A mortgage loan is a secured financing option sanctioned against a property kept as collateral. Also known as a loan against property, this mode of financing provides you access to immediate funds with no end-use restrictions at lower interest rates and longer repayment tenures.
The eligibility criteria set by NBFCs differ, but generally, these prerequisites are easy to meet.
Nationality: One needs to be an Indian citizen to avail of this loan. Some NBFCs may give loans to non-resident Indians as well.
Age: The age range differs for salaried and self-employed citizens, however, anyone ranging from 23 to 65 years is eligible.
Employment Status: Only earning citizens can apply for a home loan. Unemployed citizens can apply as co-applicants.
Work Experience: A salaried employee needs to have a work experience of 3 years. A self-employed individual needs to be in the current business for 5 years.
Credit Score: NBFCs usually look for a credit score above 750. Those with lesser credit scores can still apply, but the interest rates will be higher for them.
NBFCs ask for minimal documents to make the application process hassle-free. You will be required to present the following general documents:
- Identity proof: PAN card, passport, Aadhar card, driving license.
- Address proof: residence agreement, ration card, electricity bill, Voter ID, Passport.
- Passport size photograph.
- Bank statement of last 6 months for salaried employees and salary slip of last 3 months.
- Business details like practice license, income tax returns, business registration proof etc., for self-employed individuals.
- A filled-up home loan form with details about the cost of the property.
Property documents, such as sale deed or transfer of ownership