Mortgage Loan

A mortgage loan or simply mortgage is a loan used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit.

Eligibility criteria for a Mortgage Loan

  • Minimum Age: 25 - 70 years
  • Should be resident of India
  • Minimum Monthly Income: 25,000/-
  • Employment: Should be an employee or Self-employed with regular income
  • Work Experience: Minimum work experience should be 3 years for salried

Documents Required for Mortgage Loan

For Salaried
  • Identity Proof: Pan Card, Aadhar Card, Voter ID, Passport
  • Address proof: Passport, driving licence, Voter ID, utility bills (electricity/water/gas), Registered Rental Agreement
  • PAN Card
  • Latest Salary Slips
  • Latest Income Tax Returns
  • Bank Statements : 6 months recent bank statement
  • Copy of property documents
  • Form 16

For Self-Employed Professionals
  • Identity Proof: Pan Card, Aadhar Card, Voter ID, Passport
  • Address proof: Passport, Driving licence, Voter ID, Utility bills (electricity/water/gas)
  • GST & GST Filing
  • Bank Statements: Latest 6 Months
  • Latest Income Tax Returns
  • Copy of property documents