When you go for Mortgage Loan, you will get a high loan amount sanctioned at affordable interest rate with long repayment tenure. The value of your property acts to your advantage. But you should also know as to how to get a loan against your property and you also need to be cautious.
You have to be well aware of the Mortgage Loan process in India so that it will make your borrowing experience easy as well as hassle free. Let’s see here some factors that are involved in availing these loans.
Check the Amount you are Eligible for:
Though you can get high loan amount against your property, but you have to consider the value of the property, location, age and other features. You will get 60%-70% of your property value as loan. So you can decide on which asset to pledge so that you get the amount that you need and even you can go for renovation of your property so that you get a high value.
Your Credit Score:
You should have a credit score of 750 or above to get the desired interest rates. So you have to review your credit report and sort out any discrepancies. When you raise a dispute to resolve the discrepancies, it will increase your credit score. Another way is to repay the debt.
Compare Lenders before Applying:
You can check various lenders as to how they offer these loans. You should check whether you get higher loan amount with nominal interest rates and also have some beneficial features like Flexi facilities, Pay interest only EMIs on your loan, borrow multiple times from your sanction and no part-prepayment or foreclosure charges.
Plan your Repayment Beforehand:
You have to get your property evaluated and should select the right lender but at the same time, you have to plan the repayment of your amount that you avail. With the help of EMI calculator, you can ensure you borrow only what you can repay and are utilising the long tenors to keep your interests at low.
Apply Online and Submit the Necessary Documents:
Now-a-days, you can apply for Mortgage Loan through online itself. Thus, you can do it from the comfort of your home or workplace. On filling up the application form, you will be contacted by the representative of the lender and will collect all the necessary documents like bank statements, PAN or Aadhaar details, address proof and property documents.
On verification of your property and documents, a loan sanction letter will be issued which you have to read and sign. Then you will receive the amount in your bank account.
Thus, Mortgage Loan Process in India is very simple and hassle free.
Additional read: What Are Steps Of The Mortgage Loan Process in India?
