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Mortgage Loan
If you already own a residential or a commercial property, through our loan against property offering, you can avail a loan for any of your personal or business related needs.These loans are primarily for meeting working capital requirements, business expansion plans or personal usage like education, marriage etc.
We offer loan against properties upto 90% of the market value of the property in case of self-occupied residential properties.
We offer loan against properties upto 80% of the market value of the property in case of self-occupied commercial properties.
What is the Mortgage Loan Process Timeline?
If you’re wondering, “how long is the mortgage loan process?” The answer is typically 20 business days. This process is done in a series, which means steps cannot be skipped. A typical purchase contract is written for 30 calendar days. This means there are only 20 business -days until closing during a mortgage loan process timeline. You’ll find there’s very little spare time along the way. Being quick in the beginning provides a cushion for slower third-party items. Responding quickly promotes a smooth closing.
You can help the mortgage loan process by answering your phone and checking your email daily (if you don’t already). Please note we’re not fond of text messaging. Emails provide a written record AND are accessible by all of our team members.
What is a Mortgage Loan and How Does it Work?
A mortgage loan is a secured loan where you pledge property or an asset as collateral to borrow funds. Since it’s backed by security, lenders are able to offer higher loan amounts with flexible repayment terms—making it easier for you to manage your repayments.
One of the major advantages of a mortgage loan is quicker approval and disbursal, thanks to the reduced lending risk. Plus, because the loan is secured, you benefit from lower interest rates compared to unsecured loans. This makes mortgage loans a smart and cost-effective borrowing option.
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Features and Benefits of a Mortgage Loan
- Easy Documentation Process
You only need a few essential documents to apply—like KYC, address proof, property papers, and income proof—making the application process simple and quick.
- Simple Eligibility Criteria
Meet just the basic requirements to qualify: a steady income, valid property documents, and a good credit history are usually enough to get started.
- Competitive Interest Rates
Enjoy lower interest rates compared to unsecured loans, based on your eligibility. This makes mortgage loans a more affordable financing option.
- Flexible and Long Tenure
Get up to 17 years of repayment tenure, allowing for manageable EMIs and stress-free repayment.
Features :
Our Simple Business Loan Process
Securing a business loan with Book My Personal Loan is designed to be straightforward and efficient. We guide you through every stage, ensuring clarity and support as you navigate your path to funding.
Step 1
Gold Loan Offering
Term Loan, OD and Bullet repayment available
Step 2
Gold Loan Interest
HDFC Bank Gold Loan comes with competitive interest rates on Term Loan, Overdraft and EMI based loan. Repay your loan in easy lower EMIs, over a tenor of your choice.
What are the Eligibility and Documentation Requirements for a Mortgage Loan?
The eligibility criteria for Loan Against Property is easy-to-meet and basic, so applicants can qualify for the loan amount they desire with ease.
Loan Against Property Eligibility Criteria
The Bajaj Housing Finance Loan Against Property eligibility criteria are simple and easy-to-meet. Meet these criteria to get a loan at an attractive interest rate from us.
- Applicants must be residing citizens of India
- Applicants must have an ideal CIBIL score of 750 or higher
- Salaried applicants must be between 23 and 60 years** of age
- Self-employed applicants must be between 23 and 70 years** of age
- Salaried applicants must be employed with a public, private or a multinational organization with a minimum work experience of 3 years
- Self-employed applicants must be able to establish a minimum of 3 years of business
Documents required for a Loan Against Property
To complete your application, you will need to keep the following documents handy:
- KYC Documents : Photo ID includes PAN card, Aadhar Card, or Voter ID. Residential proof can include utility bills or bank passbook. PAN card or Form 60 are mandatory documents.
- Income Proof: Salaried applicants must submit their last 3 months’ salary slips, and self-employed applicants need to establish a steady flow of income from the existing business for 5 years through P&L statements, among other documents.
- Taxation Document: Applicants must submit their latest ITR as requested.
- Property Documents: Applicants must provide a copy of the documents of the property to be mortgaged, along with Title documents.
Frequently Asked Questions
A mortgage loan, also known as a loan against property, is a secured loan where borrowers pledge their property as collateral to receive funds. It is typically used for personal, business, or educational purposes.
Both residential and commercial properties can be pledged as collateral for a mortgage loan, depending on lender policies.
Eligibility typically includes:
- Indian residency
- A good credit (CIBIL) score of 750 or higher
- Stable income
- Age between 23 and 70 years (varies for salaried and self-employed applicants)
- Lower interest rates compared to unsecured loans
- Longer repayment tenure (up to 17 years)
- Higher loan amounts
- Quick disbursal with simple documentation
You will need:
- KYC documents (PAN, Aadhaar, Voter ID, etc.)
- Income proof (salary slips, P&L statements)
- Latest ITR
- Property documents (ownership/title proof)