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What You Need to Know Before Putting a Property on Mortgage

The loan against property or mortgage loan is a type of loan that the lender sanctions to you only when you pledge a property or asset with them as security. If you are planning to apply for a loan against property, you should know how to check a mortgage on property in India online. Here is a rundown on how you can do it.

How to Find Out if a Property is Mortgaged Previously?

Instances of fraud are quite common in the financial market and in this case, a property may have a loan already sanctioned against it. To check if a property is mortgaged already, you will need to access the CERSAI registry and search based on asset details or debtor’s details.

Once you are certain that the property isn’t mortgaged or has a loan already sanctioned against it, you can proceed to pledge it as an asset. It is important to know the different accepted property types in mortgage undertakings. Here are the types of property you can pledge.

  • You can pledge a self-occupied residential property as security
  • You can use a rented residential property as collateral
  • You can also pledge a commercial property that is being used or is vacant as security

Apart from these 3 most common mortgage property types, you can also pledge a property that you co-own with your blood relative. However, in such cases, the loan must be availed jointly, with all co-owners as co-applicants. This is a requirement across almost all lenders, and you must ensure that there are no active disputes on the title, which is sometimes the case with family-owned properties. Keeping these pointers in mind you can proceed to check the valuation of your property, as your loan amount is determined based on your property’s value.

How to Check Mortgage on Property in India Online

You can save a lot of time and effort by avoiding a visit to your lender’s physical address and checking your property’s eligibility for a mortgage loan online. Bajaj Housing Finance allows you to use simple online eligibility tools to determine your property’s valuation, based on which you can apply for a loan. This tool is regarded as the Loan to Value Calculator and all you need to do is enter some basic details pertaining to your income and the property’s valuation, in order to derive the total loan amount you are eligible to apply for.

Here are the Steps Involved.

  • Step 1: Choose your employment status and pick self-employed or salaried.
  • Step 2: Decide on the type of property you want to use as a collateral and choose between residential or commercial.
  • Step 3: Enter an approximate value of the property you want to pledge, based on the property types in mortgage mentioned earlier.
  • Step 4: On completing these 3 steps, you will get to know the loan amount you are eligible to apply for. Now, you need to choose the tenor and interest rate to deduce your EMIs for the mortgage loan.
  • Step 5: Pick a tenor based on the lender’s loan against property interest rate to see what best suits your financial standing and arrive at an affordable EMI.

Considering that there are various mortgage property types, ensure to pledge a high-value asset as collateral when you apply for the Bajaj Housing Finance Loan Against Property. This is sure to help you access a sizable sanction with the added benefit of affordable terms. This loan comes with other benefits, which prioritise your convenience at every step. It has quick loan processing protocols, relaxed requirements to qualify for finance, and allows you to apply for the loan with minimal documentation. What’s more, the documents needed to process the loan are picked from your registered address, further minimising the effort required. To borrow quickly and in a hassle-free manner, apply online at the earliest.