Mortgage Loans

OVERVIEW

Mortgage loan is valuable loans because of its long tenure repayment, cheap interest rate, higher loan amount, interest deduction in income tax return, part re – payment facility with nil charges (up to 25% of outstanding loan amount once in a financial year) and many more big benefits. Mortgage loan is availed to grow business, renovation home, and medical expenses, reduce debts of unsecured loans, etc.

Mortgage loans criteria are very different for all banks and for all NBFC. Nationalized banks give maximum 55% (not including SME or project loan) of Market value. Beside Multinational banks do up to 65% of Market value. And NBFC goes up to 75% of market value. Rate of interest are differ as per bank.

Mortgage loans are offered for small tenure to long tenure. You can avail it by your financial capacity and your age limit for 5 years to 15 years. You can also restructure your mortgage loan by doing part payment or extra payment. Both two option are always open for your loan firstly to reconstruct you loan tenor or secondly reconstruct your EMI. After 12 EMI every banks and NBFC offers top up loan as per market value and as per financial capacity.

Mortgage loan is offered floating rate scheme. But now RBI change his norms and no bank can offer Mortgage loan for fix rate for whole tenure. Bank are not offering fix rate for whole mortgage loan. Floating rate is depends on base rate. So when there are any changes announced by RBI it directly affected to your mortgage loan interest. If it is decreased then your rate is also decrease and if it is increase then it increase.

There is some condition applied by some banks and NBFC for pre closure of mortgage loan. If you prepay loan by your own fund then there is 2% penalty but if you takeover it to other financial institution then it will takes penalty of 2% extra. It depends on company’s internal policy.

DOCUMENT FOR MORTGAGE LOAN (SALARIED)

3 Month Salary slip Latest
6 Month salary Bank account
Company Appointment Letter
Last two year form no. 16 or 26AS
3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
Resident light bill latest
Rent Agreement (If Rented)
If any loan live then welcome letter of all
1 Passport size photo (Applicant + Co- Applicant)
Visiting card
Office I-card
1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
Banakhat copy or Draft sale deed or Booking letter
Property Master file copy

PROPERTY DOCUMENT LIST

BALANCE TRANSFER AND TOP UP DOCUMENT FOR MORTGAGE LOAN (SALARIED)

3 Month Salary slip Latest
6 Month salary Bank account
Company Appointment Letter
Last two year form no. 16
3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
Resident light bill latest
Rent Agreement (If Rented)
If any loan live then welcome letter of all
1 Passport size photo (Applicant + Co- Applicant)
Visiting card
Office I-card
1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
Property Master file copy
Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
List of Document from current loan bank (LOD)
Foreclosure letter from current Loan bank.

PROPERTY DOCUMENT LIST (XEROX COPY)

MORTGAGE LOAN FOR BUSINESSMEN (PROPRIETORSHIP FIRM)

3 years ITR with profit and loss amount, balance sheet and statement of income (audit report if audited)
12 months current account statement (All account mentioned in Audit report and IT return)
12 months saving bank account
Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
Pan card copy and Aadhar card copy
Welcome latter of all current live loans
2 photographs passport size
5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
Current year provision P&L and balance sheet
GST return of current year
1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
Banakhat copy or Draft sale deed or Booking letter
Property Master file copy

PROPERTY DOCUMENT LIST

BALANCE TRANSFER AND TOP UP DOCUMENT FOR MORTGAGE LOAN FOR BUSINESSMEN (PROPRIETORSHIP FIRM)

3 years ITR with profit and loss amount, balance sheet and statement of income (audit report if audited)
12 months current account statement (All account mentioned in Audit report and IT return)
12 months saving bank account
Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
Pan card copy and Aadhar card copy
Welcome latter of all current live loans
2 photographs passport size
5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
Current year provision P&L and balance sheet
GST return of current year
1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
Property Master files Xerox copy
Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
List of Document from current loan bank (LOD)
Foreclosure letter from current Loan bank.

PROPERTY DOCUMENT LIST

DOCUMENTS FOR MORTAGE LOAN FOR BUSINESSMEN (PVT.LTD COMPANY)

3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
12 month current account statement
12 month saving bank account
Resident latest light bill and telephone bill
Office latest light bill and telephone bill (Rent agreement if rented)
Pan card copy of all Directors and company
Company MOA and AOA`
Latest share holding pattern and List of Director on company letter head
Welcome letter of all current live loans
2 photograph passport size
5 years old business continuity proof
Current year provision P& L and balance sheet
GST Return of current year
1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
Banakhat copy or Draft sale deed or Booking letter
Property Master file copy

PROPERTY DOCUMENT LIST

BALANCE TRANSFER AND TOP UP DOCUMENTS FOR MORTGAGE LOAN FOR BUSINESSMEN (PVT.LTD COMPANY)

3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
12 month current account statement
12 month saving bank account
Resident latest light bill and telephone bill
Office latest light bill and telephone bill (Rent agreement if rented)
Pan card copy of all Directors and company
Company MOA and AOA`
Latest share holding pattern and List of Director on company letter head
Welcome letter of all current live loans
2 photograph passport size
5 years old business continuity proof
Current year provision P& L and balance sheet
GST Return of current year
1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
Property Master file copy
Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
List of Document from current loan bank (LOD)
Foreclosure letter from current Loan bank.

PROPERTY DOCUMENT LIST

DOCUMENTS FOR MORTGAGE LOAN FOR BUSINESSMEN (PARTNERSHIP FIRM)

3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
2 Years Individual IT return of All Partners
12 months current account statement (All account mentioned in Audit report and IT return)
12 months saving bank account Individual Partners
Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
Pan card copy and Aadhar card copy of all partners and pan card of company
Partnership deed
Welcome latter of all current live loans
2 photograph passport size
5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
Current year provision P&L and balance sheet
GST return of current year
1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
Banakhat copy or Draft sale deed or Booking letter
Property Master file copy

PROPERTY DOCUMENT LIST

BALANCE TRANSFER AND TOP UP DOCUMENTS FOR MORTGAGE LOAN FOR BUSINESSMEN (PARTNERSHIP FIRM)

3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
2 Years Individual IT return of All Partners
12 months current account statement (All account mentioned in Audit report and IT return)
12 months saving bank account Individual Partners
Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
Pan card copy and Aadhar card copy of all partners and pan card of company
Partnership deed
Welcome latter of all current live loans
2 photograph passport size
5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
Current year provision P&L and balance sheet
GST return of current year
1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
Property Master file copy
Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
List of Document from current loan bank (LOD)
Foreclosure letter from current Loan bank.