A mortgage loan is a secured funding option, whereby individuals can avail funds from lending institutions by providing an asset as a mortgage. Usually, assets like residential or commercial properties are mortgaged to avail the credit. Once individuals have assessed the features of this credit and arrived at the best option, they can proceed to avail the advance in 3 simple steps.
Step 1: Check eligibility criteria
Individuals must check and fulfill the eligibility criteria before applying for the loan to prevent their application from getting rejected. Generally, self-employed resident Indians between 25 years and 70 years of age with a regular source of income are considered eligible for this credit. For salaried applicants, an age range of 33 and 58 years alongside employment with a public/private sector company or an MNC is mandatory.
Also, a high CIBIL score plays a crucial role in receiving loan approval and securing attractive mortgage loan interest rates.
Step 2: Check documents required
Next, individuals must check the required set of documents and keep them handy when applying. Typically, KYC documents, proof of address, proof of income and documents related to the property to be mortgaged are required to initiate the verification process.
Step 3: Apply for the loan
Most financial institutions allow individuals to apply for mortgage advances like a loan against property online. However, becoming familiar with the steps is a must to streamline the process.
Individuals can fill the application form by visiting the official website of the lender. They must review the details before submitting it online for hassle-free processing.
Applicants may also have to fulfill other requirements to avail a mortgage loan depending on the lender they choose.
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