Mortgage Loan Process

Mortgage loans are secured advances as they involve mortgaging a property as collateral to avail of funds. This type of financing is popular as borrowers can access a high-value loan amount against a long repayment tenor. In addition, the presence of collateral also makes the process of mortgage loan sanctioning more streamlined for borrowers.

What is a Mortgage Loan?

Under a mortgage loan, a property is used as collateral to avail of funds. This property remains mortgaged till the time the loan amount along with interest is fully repaid.

The loan repayment schedule gets calculated based on amortization, where the interest and principal loan components of the EMI are set up. At the initial stages of loan repayment, the EMI primarily comprises the interest component. As the loan amount is repaid, the principal component increases and the interest amount decreases, although the total EMI amount remains fixed.

Mortgage, in essence, refers to a loan sanctioned against assets such as a commercial or residential property. Based on the type of collateral, mortgage loans can be divided into 3 categories:

• Home loans
• Loan against property
• Commercial property loans

Home loans or commercial property loans can only be used to purchase a residential home or commercial space, respectively. A loan against property has no end-usage restrictions and can be used to meet varied requirements such as education, debt consolidation, medical expenses, etc.

The sanctioning and disbursal process of the Bajaj Housing Finance Loan Against Property is simple and takes only up to 72 hours* to be completed.

Mortgage Loan Process in India: Step by Step Guide

Bajaj Housing Finance offers low interest loan against property to candidates with the required eligibility. The process of mortgage loan disbursal consists of the following steps:

Step 1: Select a suitable loan amount based on the interest rate, preferred tenor, and loan amount. Fill the online application form and click on ‘Apply Now.’

Step 2: Our representative will reach you within 24 hours* of filing the application.

Step 3: After this, submit all necessary documents to our representative.

Step 4: We will then start a verification process, including a property value assessment and a visit to the property site.

Step 5: Once confirming the eligibility, we will approve the loan within 72 hours* and disburse the loan amount to your account.

Step 6: During the disbursal process, submit all the original property documents and sign the mortgage registry document.

Our process of mortgage loan disbursal is hassle-free and entails fulfilling a few simple eligibility criteria. If the borrower is a salaried individual, they must be between 25 and 60 years old. Self-employed borrowers must be between 28 and 70 years of age to be eligible.

Individuals also need to be Indian citizens and have a regular income source. Having a CIBIL score of at least 750 is also necessary for quick loan approval.

The documentation process for a mortgage loan is also very simple. Submit only these following documents for it:

• PAN or Aadhaar Card
• Address proof
• Copy of the property’s proof of ownership.

Salaried applicants also need to submit the following documents:

• Bank account statements for the last three months
• Latest salary slip
• IT returns

Self-employed applicants also need to submit their bank account statements for the previous six months.

What are the Features of a Mortgage Loan?

The following are some attractive features of mortgage loans from Bajaj Housing Finance:

• Easy documentation process: Applicants need to furnish only a few essential documents, including KYC, address proof, property documents, and income proof.
• Competitive interest rates: Enjoy low-interest rates for mortgage loans compared to unsecured loans
• Simple eligibility criteria: To avail of a mortgage loan, applicants need a stable source of income, and good credit history.
• Higher financing: We offer mortgage loans of up to 70% to 80% of the property’s market value as Loan-to-value (LTV).
• Flexible and long tenor: The repayment tenor goes up to 18 years for eligible applicants.

Bajaj Housing Finance offers one of the fastest mortgage loans with the lowest interest rates. Applicants can easily check how much EMI they have to pay using a Loan Against Property EMI Calculator and apply accordingly.