{"id":334,"date":"2020-07-02T16:43:17","date_gmt":"2020-07-02T16:43:17","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=334"},"modified":"2020-07-04T12:20:00","modified_gmt":"2020-07-04T12:20:00","slug":"best-banks-for-mortgage-loan-in-india","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/best-banks-for-mortgage-loan-in-india\/","title":{"rendered":"Best Banks For Mortgage Loan In India"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"684\" src=\"https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/Best-Bank-for-Mortgage-Loan-1024x684.png\" alt=\"best bank for mortgage loan -loanfasttrack\" class=\"wp-image-337\" srcset=\"https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/Best-Bank-for-Mortgage-Loan.png 1024w, https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/Best-Bank-for-Mortgage-Loan-300x200.png 300w, https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/Best-Bank-for-Mortgage-Loan-768x513.png 768w, https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/Best-Bank-for-Mortgage-Loan-800x534.png 800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">                   <strong>(The Complete Guide For Mortgage Loan)<\/strong><\/h4>\n\n\n\n<p>A loan provided by pledging your property as collateral with lender Banks\/NBFCs is called a mortgage loan. Since the property is taken as a security to provide a loan it falls under the category of secured loans. Mortgage loans are also referred to as \u201cLoan Against Property\u201d. The interest rates on mortgage loans range from <strong>8.75% to 11.50% p.a.<\/strong> <\/p>\n\n\n\n<p>A\nloan provided by pledging your property as collateral with lender Banks\/NBFCs\nis called a mortgage loan. Since the property is taken as a security to provide\na loan it falls under the category of secured loans. Mortgage loans are also\nreferred to as \u201cLoan Against Property\u201d. The interest rates on mortgage loans range from <strong>8.75% to 11.50% p.a.<\/strong> <\/p>\n\n\n\n<p>With\nthe series of repo rate and reverse repo rate cuts announced by the RBI to\nmitigate the effects of pandemic coronavirus, the lending rates of the banks\ngot altered touching a new all-time low of 10 years. The revised mortgage rates\nof the top banks are given below.&nbsp; <\/p>\n\n\n\n<p style=\"text-align:center\"><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/rbis-big-announcement-on-financial-aids-to-combat-corona-virus-outbreak\/\"><strong>&nbsp;RBI\u2019s Announcement On Financial Aid To Combat\nCovid-19<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Comparison For The\nBest Bank For Mortgage Loan&nbsp; <\/strong><\/h2>\n\n\n\n<p>Interest\nrate offered is the primary factor for comparison of Mortgage loans. It has a\ndirect impact on your EMI paying capacity. Apart from the interest rates the\nother key factors you must compare to find the best bank for mortgage loan\nincludes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Processing Fees (PF) and\nOther relevant charges <\/li><li>Processing time for loan<\/li><li>Documents required<\/li><li>The LTV funding norms.\n(LTV-Loan to value) <\/li><li>Pre &amp; part payment conditions\nand its charges<\/li><li>Other services provided<\/li><\/ul>\n\n\n\n<p style=\"text-align:center\"><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>CLICK<\/strong> <strong>to know the best bank for a mortgage loan.<\/strong><\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Compare Mortgage Loan Interest Rates Of Top Banks<\/strong><\/h4>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>Bank\n  <\/strong>\n  <\/td><td>\n  <strong>Home\n  Loan Rate Of Interest (Min)<\/strong>\n  <\/td><td>\n  <strong>Home\n  Loan Rate Of Interest (Max)<\/strong>\n  <\/td><td>\n  <strong>Processing\n  Fees<\/strong>\n  <\/td><td><strong><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\">APPLY NOW\u00a0 <\/a><\/strong>  <\/td><\/tr><tr><td>\n  ICICI Bank\n  <\/td><td>\n  9%\n  <\/td><td>\n  11%\n  <\/td><td>\n  0.50%-1% of the loan amount + applicable\n  GST.\n  <\/td><td><strong><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\">APPLY NOW\u00a0 <\/a><\/strong>     <\/td><\/tr><tr><td>\n  HDFC \n  <\/td><td>\n  9.10%\n  <\/td><td>\n  11.50%\n  <\/td><td>\n  0.50%-1% of the loan amount + applicable\n  GST.\n  <\/td><td><strong><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\">APPLY NOW\u00a0 <\/a><\/strong>   <\/td><\/tr><tr><td>\n  Piramal Housing\n  <\/td><td>\n  10%\n  <\/td><td>\n  13%\n  <\/td><td>\n  0.50%-1% of the loan amount + applicable\n  GST.\n  <\/td><td><strong><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\">APPLY NOW\u00a0 <\/a><\/strong>   <\/td><\/tr><tr><td>\n  Axis Bank\n  <\/td><td>\n  9.50%\n  <\/td><td>\n  12%\n  <\/td><td>\n  0.75%-1% of the loan amount + applicable\n  GST.\n  <\/td><td><strong><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\">APPLY NOW\u00a0 <\/a><\/strong>     <\/td><\/tr><tr><td>\n  CITI Bank\n  <\/td><td>\n  8.75%* &#8211; Cases above 50lakhs- For self\n  employed\n  &nbsp;\n  9.50% \n  <\/td><td>\n  10.50%\n  <\/td><td>\n  0.25% &#8211; 1% of the loan amount + applicable\n  GST.\n  <\/td><td><strong><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\">APPLY NOW\u00a0 <\/a><\/strong>    <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><strong>Note<\/strong>: The interest rates and the processing fees mentioned in the chart are subject to change anytime without any prior notice. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Which Bank Is Providing The\nLowest Interest Rate On Mortgage Loan?<\/h2>\n\n\n\n<p>As\nper the given rate chart ICICI Bank is giving the lowest interest rate of 9%\nfollowed by HDFC @ 9.10% for all eligible loan borrowers i.e. both salaried and\nself-employed irrespective of the loan amount. Although the Citi Bank\u2019s\ninterest rate of 8.75% is competitive but the rates are non-applicable for\nsalaried loan borrowers and there is also a capping minimum requirement of loan\namount i.e. applicable only for 50lakhs and above. The Covid -19 pandemic has\nmade a strategic impact on the Indian mortgage industry which has reduced the\ninterest rates to touch an all-time new low of 10years.&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Total Cost For Applying A Mortgage Loan<\/h2>\n\n\n\n<p>Besides\nthe processing fees and the applicable GST, there are various other charges\nthat make the total cost of your mortgage loan. Below given is the total cost\ninvolved in applying a mortgage loan:<\/p>\n\n\n\n<p>1) <strong>Processing Fees (PF)<\/strong>: PF is a charge\ntaken by the banks for processing your loan. The processing fees on mortgage\nloans range from 0.25%-1% on the loan amount.<\/p>\n\n\n\n<p>2) <strong>GST<\/strong>: 18%. Applicable on all banking\ncharges such as PF, administrative cost, legal &amp; technical, CERSAI, pre\n&amp; part payment, etc.<\/p>\n\n\n\n<p>3) <strong>CERSAI<\/strong>: Central Registry of\nSecuritisation Asset Reconstruction And Security Interest cost of Rs.100\/- is\nmandatory for all loan borrowers. It is Indian central online registry of\nequitable mortgages, mainly created to check fraudulent activities in lending\nagainst equitable mortgages.<\/p>\n\n\n\n<p>4) <strong>Administrative Charges<\/strong>: One time\nnon-refundable charge collected by the bank to recover the administrative cost\nfor processing your loan. It varies from bank to bank, and ranges from Rs.3,500\n&#8211; Rs.6,000\/-.<\/p>\n\n\n\n<p>5) <strong>Legal &amp; Technical Charge<\/strong>: Legal\ncharge for scrutinizing your property documents such as agreement &amp; prior\nchain of agreements, title flow, title search, etc. and technical charge to\ndetermine the valuation of your property, vary from bank to bank and ranges\nfrom Rs.5,000 &#8211; Rs.10,000\/-.<\/p>\n\n\n\n<p>6) <strong>Registered Mortgage (RM)<\/strong>: A charge\ncreated on the property with the sub-registrar through a formal written process,\nas a proof of transfer of interest to the bank. RM charges are 0.50% on the\nloan amount. If RM is done you do not have to pay the stamp duty charges. <\/p>\n\n\n\n<p>7) <strong>Franking Charge<\/strong>: Varies from state to state and range between 0.10% &#8211; 0.20% on the loan amount.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/5.imimg.com\/data5\/FM\/FS\/MY-3680090\/loan-against-property-mortgage-loan-in-bangalore-private-finance-no-upfront-500x500.png\" alt=\"Loan Against Property Mortgage Loan In Bangalore - Private Finance ...\" width=\"305\" height=\"262\"\/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Best Bank For Mortgage Loan <\/h2>\n\n\n\n<p>If you are unable to decide which is the <a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\">best bank for a mortgage loan<\/a>, here is a quick guide for you. <\/p>\n\n\n\n<p>Although rate of interest remains the primary factor for comparison of\nthe best bank for <a href=\"https:\/\/www.loanfasttrack.com\/loan-against-property.html\">mortgage loan<\/a>;\ntotal costs involved, <a href=\"https:\/\/www.loanfasttrack.com\/emi-calculator.html\">eligibility<\/a>\nas per income and as per the market value of the property i.e. the LTV (Loan To\nValue) criteria, list of documents required, services provided, etc. are yet\nother factors which are equally important for making a comparison. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If you are looking for quick\nservices and faster disbursement of loans along with low interest rates, ICICI\nbank can be a better choice. <a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>Apply for ICICI Bank.<\/strong><\/a><\/li><li>If you are self-employed\nlooking only for lowest interest rates, Citi bank can be a better choice.<\/li><li>If you are an NRI and want to\nmortgage your residential property, ICICI bank is the best option. (No other\nbanks provide NRI mortgage loans.) <\/li><li>If you are a senior citizen\nabove the age of 60years looking for funds to take care of your daily\nlivelihood and medical expenses, Canara bank is best for you to apply for a\nreverse mortgage loan.<\/li><li>If you are looking for a\npre-sanction loan without taking the upfront heavy cost of processing fees,\nHDFC can be a better choice &#8211; pay only a nominal fee of Rs.5000\/- . <a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>Apply for HDFC Bank.<\/strong><\/a><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How To Get The Best Deal On a\nMortgage Loan?&nbsp; <\/h2>\n\n\n\n<p>The\nbanks offer concessions in the interest rates, processing fees, repayment\ntenures, increased eligibility, etc. only after carefully studying your\neligibility, credibility, employment details, legal and technical analysis of\nyour property, etc. the higher the risk you pose to the bank the lower are your\nchances to negotiate with the banks. Only when the bank is certain of your\nrepayment capacity you can bang the best deal on a mortgage loan. The factors\naffecting the bank\u2019s decision to provide you concessional rates and discounted charges\ndepends on the estimation of high &amp; low risk involved in funding the loan.\nThese factors are as follows:<\/p>\n\n\n\n<p>1) <strong>Your Profile<\/strong>: Well\ndesignations, employed in reputed organizations, professionals such as doctors,\nengineers, architects, chartered accountants, etc. remains the first priority\nfor the banks to fund as they pose minimum risk to banks and the banks are\nassured for their loan repayments. <\/p>\n\n\n\n<p>2) <strong>Income Eligibility<\/strong>:\nThe equation says, the higher is your income the less are your chances to\ndefault the loan. Also your uninterrupted regular flow of income with subject\nto the obligations if any, poses minimum risk to the banks in funding you.&nbsp; <\/p>\n\n\n\n<p>3) <strong>Repayment History<\/strong>:\nYour previous loan obligations, repayment records i.e. timely repayment of EMI\nwith no delayed payments, pre-closure of loan before its due date, etc. are the\nsigns of your good repayment track records which are considered important while\ncalculating the risk factor. Your repayment record will give assurance of your\ntimely repayment of loan.&nbsp;&nbsp; <\/p>\n\n\n\n<p>4) <strong>Existing Relationship\nWith The Bank<\/strong>: Your existing relationship with the banks puts you in a\nbetter deal to capitalise rates and charges for your new requirement of\nmortgage loan.<\/p>\n\n\n\n<p>5) <strong>Property Valuation<\/strong>:\nWhen your loan requirement is minimum against the high value of the pledged\nproperty, your LTV percentage is minimum and your chance to secure a low cost\nmortgage loan is high because of low risk to the banks.&nbsp; <\/p>\n\n\n\n<p style=\"text-align:center\"><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>CLICK to bang a best deal on mortgage loans.<\/strong><\/a><strong>&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Loan Details<\/h2>\n\n\n\n<p>A mortgage is a type of secured loan given against the collateral of an asset i.e. the property which is either residential or commercial or industrial. Anyone who is above 21years and is having a regular flow of legal income and is having a property registered in his name along-with the proper income and property documentation can apply for a mortgage loan. Both eligible salaried and self-employed can apply for a mortgage loan to meet their personal requirement for funds. A mortgage loan can be taken to fulfill your immediate and urgent requirement of funds. Since the mortgage amount is utilized to meet your many personal requirements, banks keep their margins high in mortgage lending rates and therefore the rate of interest in mortgage loans is high in comparison to the rate of interest in home loans.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.dhankalyansociety.com\/images\/custom\/propertyloan.jpg\" alt=\"Loan Against Property - Loanfasttrack\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Purpose For Applying Mortgage Loan<\/strong><\/h2>\n\n\n\n<p>Since\na mortgage loan is cheaper in comparison to other unsecured loan to fulfill\nyour immediate requirements of funds, it can be applied to fulfill your purpose\nof:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Home renovations<\/li><li>Home repairs<\/li><li>Home construction<\/li><li>Children education<\/li><li>Child marriage<\/li><li>Investment in property<\/li><li>Medical emergencies<\/li><li>Business expansions<\/li><li>To close other unsecured\nloans<\/li><li>Clear credit card dues<\/li><li>Etc. <\/li><\/ul>\n\n\n\n<p>However\nthe end-use for applying a mortgage loan has to be clear and specific. Banks do\nnot lend to meet your unjustified end-use purposes, such as, investment in\nstocks, mutual funds, purchasing a chawl property, purchasing a pagdi property,investing\nin illegal raw houses, money lending business, etc. <\/p>\n\n\n\n<p>You\nalso get a choice to select a suitable interest rate for yourself. The interest\nrates in mortgage loans can either be fixed or floating.<\/p>\n\n\n\n<p>1) Fixed Interest Rate:- In fixed\ninterest rates, your mortgage interest rates remain fixed for the loan tenure\nor for the portion of the loan tenure as stated in the bank\u2019s agreements. The\nfixed tenure and the interest rate varies from bank to bank. You can switch\nfrom a fixed rate to a floating interest rate any-time after the completion of\nthe fixed tenure.<\/p>\n\n\n\n<p>2) Floating Interest Rates:- In\nfloating interest rates, your mortgage interest rates are not fixed and\nfluctuate according to the updated base rate of the banks. The floating rates\nare cheaper than the fixed interest rates and since they keep on varying i.e.\nfluctuating they are also referred to as variable or fluctuating interest\nrates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Loan Criteria <\/h2>\n\n\n\n<p><strong>Eligibility:<\/strong> A borrower with regular flow of income and within the age\ngroup of 21 years to 70 years. For salaried the age limit is 21yrs-60yrs and\nfor self-employed the age limit is 21yrs-70yrs.<\/p>\n\n\n\n<p><strong>Loan Amount<\/strong>: The loan amount ranges from Rs.10lakhs to Rs.20crs.<\/p>\n\n\n\n<p><strong>Security:<\/strong> An ownership residential, commercial or industrial property\nis taken as collateral for providing the mortgage loan. <\/p>\n\n\n\n<p><strong>Loan To Value (LTV): <\/strong>Varies from 60%-70% on the market\nvalue of the property. The LTV ratio differs by type of property. For\nresidential &amp; commercial property LTV is 60%-70% and for industrial\nproperty LTV is 50%-55%.<\/p>\n\n\n\n<p><strong>Loan Tenure: <\/strong>Ranges between 5years &#8211; 20years. <\/p>\n\n\n\n<p><strong>Interest Rates: <\/strong>The new home loan interest rates starts from 8.75%.\nThe interest rates of the various banks range from 8.75% &#8211; 13%.<\/p>\n\n\n\n<p><strong>Processing Fees: <\/strong>Vary between 0.50%- 1% on the loan amount + applicable\nGST.<\/p>\n\n\n\n<p><strong>Other Charges: <\/strong>Legal charges, technical charges, administrative\ncharges, franking &amp; stamp duty charge, intimation to mortgage charge, etc.<\/p>\n\n\n\n<p><strong>Foreclosure Charges:<\/strong> Vary between banks and are 2% &#8211; 5%\non outstanding loan amount.<\/p>\n\n\n\n<p><strong>CIBIL Score: <\/strong>Requires good CIBIL score of 750 and above.<\/p>\n\n\n\n<p><strong>Mortgage Loan Products:<\/strong> Simple mortgage loan, floating rate\nmortgage loan, fixed rate mortgage loan, mortgage overdraft, mortgage loan\nbalance transfer, mortgage loan top-up, reverse mortgage. <\/p>\n\n\n\n<p><strong>Documents Required:<\/strong> Identity proof, Address proof, Income proof and\nProperty papers. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Which Properties Are Considered For Mortgage Loan <\/h2>\n\n\n\n<p>The\nproperty has a vital role in mortgage loan, as it is the only asset which is\npledged as collateral to obtain the loan. Therefore it is important you\nunderstand a property in mortgage loan against which a loan can be drawn. <\/p>\n\n\n\n<p>Highlighted\nbelow are the important aspects of the property. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Only residential, commercial\nor industrial ownership property, self owned, jointly owned or a parental owned\nproperty can be considered for mortgage loan. <\/li><li>Property\u2019s registration and\nstamp duty must have been paid.<\/li><li>The age of the property is\nimportant to ensure the maximum loan tenure. Structural audit report is\nmandatory for properties with more than 50years. <\/li><li>The market value of the\nproperty is important to determine loan to value i.e. LTV.<\/li><li>OC, CC &amp; Plan Copy along\nwith index 2 are the mandatory property documents along with the prior chain of\nagreement. <\/li><li>Property tax is mandatory for\nmortgage in the event of absence of OC &amp; CC + plan copy for properties\nwhich are more than 25-30years of old.<\/li><li>If the chain of agreement is\nmissing or lost, an FIR copy with public notice is mandatory along with the no\nclaim letter to mortgage the property.<\/li><li>The property must have a clear\nand marketable title. <\/li><\/ul>\n\n\n\n<p><strong>Properties that cannot be mortgaged\nincludes<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>&nbsp;Illegal property.<\/li><li>Third party ownership\nproperty.<\/li><li>Row houses or chawl\nproperties.<\/li><li>SRA properties less than 10\nyears old.<\/li><li>Pagadi property.<\/li><li>A property with notarized\nagreement.<\/li><li>Government allotted quarters.<\/li><li>Rented property. <\/li><li>A property ownership\ntransferred through a gift deed where stamp duty and registration is not paid.<\/li><li>Old buildings where the age\nof the property has expired. And no structural audit report is available for\nthe property.<\/li><li>MHADA\/CIDCO\/MMRDA\/ or other\ngovernment property having a clause in its agreement for \u201cnon-saleable or\nmortgage of the property title\u201d.<\/li><li>Property falling under the\nnegative area list of the banks.<\/li><li>A property with incomplete\ndocumentation, whose property papers are missing (lost, misplaced, stolen or\ndamaged).<\/li><li>A residential property\nconverted for commercial use having no BMC approval and no commercial property\ntax is paid. <\/li><li>A property which does not\nqualify the minimum sq ft requirement criteria of the banks. <\/li><li>A property with suit filed on\nit.<\/li><li>Grampanchayat property.<\/li><\/ul>\n\n\n\n<p><strong>NOTE: <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Some banks may consider pagadi property as a supportive\nproperty to your primary property which is to be mortgaged in order to increase\nyour loan eligibility. In such a scenario market value of both the properties\nwill be considered for calculating the LTV. <\/strong><\/li><li><strong>Only some NBFCs do grampanchyat mortgage loans. <\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Important Highlights On Mortgage Loan<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>All property co-owners have to be the co-applicants in the\nloan.<\/li><li>If the property is in parental name and you as 1 of the\nsiblings wish to apply for the mortgage loan, it is mandatory to obtain the\nNOC, from the rest of the siblings.<\/li><li>Many private banks have criteria for minimum requirement of\nsq ft area of the property for providing mortgage loan. <\/li><li>An 1 bhk residential property jointly owned by two siblings\nis not considered for mortgage by many private banks. <\/li><li>Mortgage loans cannot be availed in negative industries such\nas private lending firms and negative profiles such as financiers, private\nlenders, stock market investors, etc. <\/li><li>&nbsp;A mortgage loan amount cannot be utilized for\ntrading and investments in stock markets, mutual funds, buying a chawl\nproperty, for start-up businesses, etc.&nbsp;&nbsp;&nbsp;\n<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Types Of Mortgage Loans<\/h2>\n\n\n\n<p>There\nare mainly 6 types of mortgage loans.<\/p>\n\n\n\n<p>1) <strong>Simple Mortgage<\/strong>: It is a traditional\nmortgage loan where you pledge your property to get the desired loan amount.\nYour income, age, profile, obligations, employment, property value, etc. are\nsome of the important factors considered to calculate your mortgage\neligibility. In simple mortgages you can choose the best suitable interest rate\nfor you and accordingly your mortgage loan will be:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Fixed interest rate mortgage\nloan- where your interest rates remain fixed for the loan tenure or for the\nportion of the loan tenure.<\/li><li>Floating interest rate\nmortgage loan- where your interest rates are not fixed and fluctuate according\nto the latest lending rates\/base rate of the banks. The interest rates\nautomatically get revised with the changes in the base rates of the banks. <\/li><\/ol>\n\n\n\n<p style=\"text-align:center\"><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>APPLY <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>for<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong> <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>Mortgage Loan<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong> <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>@ 9%<\/strong><\/a><\/p>\n\n\n\n<p>2) <strong>Mortgage Overdraft<\/strong>: A loan amount which\nis given in the form of an overdraft facility is called \u201cMortgage Overdraft\u201d.\nIt is a new mortgage product introduced in the recent past to meet your working\ncapital requirement. It is therefore suitable for businessmen or professionals\nwho have fluctuating requirements of funds throughout the year. Businessmen\ninclude self-employed- proprietor, partner of the partnership firm, director of\nthe public and private limited company, entrepreneur, freelancer and\nprofessional such doctors, engineers, chartered accountants, etc. Similar to\nsimple mortgage, mortgage overdraft is also provided against the pledge of the\nproperty but with an overdraft facility wherein you are required to pay\ninterest only on the borrowed loan amount. There are no restrictions on the pre\n&amp; part payments of the loan, and therefore the interest rates for mortgage\noverdraft are 1%-2% higher in comparison to a simple mortgage loan. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/know-all-about-mortgage-overdraft-o-d\/\"><strong>CLICK<\/strong><strong> <\/strong><strong>to get complete\ninformation on mortgage overdraft.<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>APPLY <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>for<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong> <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>Mortgage Overdraft<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong> <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>@ 9.50%<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong> <\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>3) <strong>Mortgage Loan Balance Transfer<\/strong>: You can\ntransfer your high interest rate mortgage loan to a low interest rate mortgage\nloan with another bank. This process of transferring a loan from one bank to\nanother to enjoy the benefits of interest rates, longer repayment tenures and\nto apply for additional top-up loan is referred as mortgage loan balance\ntransfer. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/document-checklist-for-mortgage-loan-balance-transfer-for-salaried-customers\/\"><strong>Check out the list of\ndocuments required for balance transfer<\/strong><strong>\n<\/strong><strong>CLICK<\/strong><strong>.<\/strong><\/a><\/p>\n\n\n\n<p><strong>CLICK\nto<\/strong> <a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>APPLY <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>for<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong> <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>Mortgage Loan Balance Transfer <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>@ <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong><s>9.50%<\/s><\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong> 9% &amp; 0.50%Processing Fees&nbsp; <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>&nbsp;<\/strong><\/a><\/p>\n\n\n\n<p>4) <strong>Mortgage Loan Top-Up<\/strong>: Top-up loan means\nborrowing additional loan to your already existing mortgage loan. It is the\neasiest and the fastest way of receiving funds for meeting your immediate\nrequirements. Your top-up eligibility is subject to your income eligibility and\nto the market value of your property. For your top-up eligibility against property\nthe total amount of your top-up loan &amp; existing outstanding on mortgage\nloan should not exceed the LTV percentage of the bank i.e. 60%-70%. Top-up loan\nis offered at the same rate of your existing mortgage loan or varies between\n0.10%-1% above your existing mortgage rate depending upon bank to bank. The\nprocessing fees to apply for a mortgage range from 0.25%-1% on the top-up\namount. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>APPLY <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>Mortgage Top-Up Loan<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong> <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>@ Lowest Rate Of 9%<\/strong><\/a><\/p>\n\n\n\n<p>5) <strong>NRI Mortgage Loan<\/strong>: An Indian citizen or\nforeign national of Indian origin residing outside India for the purpose of\nemployment or business is referred to as NRI. An NRI having a residential\nproperty in India can apply for a mortgage loan in India. There is only one\nbank i.e. ICICI Bank which provides mortgage loans for NRIs provided the NRI is\nsalaried working in the countries other than Iran, North Korea (Democratic People\u2019s Republic of Korea),\nCuba, Syria, Sudan, and Cremia Region of Ukraine, Pakistan, Bangladesh, Sri Lanka,\nAfghanistan, China, Nepal, Macau, Hongkong or Bhutan. A self-employed NRI is restricted\nfrom availing the benefits of mortgage loan in India as per the Indian funding\nlaws. <\/p>\n\n\n\n<p>Checkout the <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/nri-list-of-documents-for-applying-mortgage-loan\/\"><strong>NRI Mortgage Loan List Of Documents<\/strong><\/a><\/p>\n\n\n\n<p>6) <strong>Reverse Mortgage (RM)<\/strong>: Since the\nregular mortgage loan has an age criteria to apply for a loan i.e. up-to 70\nyears, the concept of reverse mortgage was introduced to allow the senior\ncitizens above the age of 60years to avail the benefits of mortgage loan. In\nreverse mortgage senior citizens can avail regular\/periodical payments from the\nbank against the mortgage of their house while still retaining the ownership of\nthe house and occupying the same. However the minimum residential life of the\nproperty should not be less than 20 years. The interest rates in Reverse\nmortgages could either be fixed or floating determined by the prevailing market\ninterest rates and may vary from bank-to bank. There are no <a href=\"https:\/\/www.loanfasttrack.com\/emi-calculator.html\"><strong>monthly EMIs<\/strong><\/a> and the loan amount along with the\ninterest accrued on the loan amount gets repaid after the death of one of the\nsurvivors of the loan application.<\/p>\n\n\n\n<p>Read\nmore on reverse mortgage on &#8211; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/reverse-mortgage-loan-for-elderly\/\"><strong>REVERSE MORTGAGE- Loan For elderly<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.bajajfinservmarkets.in\/discover\/wp-content\/uploads\/2019\/04\/Finance-Guru-Loans.png\" alt=\"Mortgage loan eligibilty\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Loan Eligibility <\/h2>\n\n\n\n<p>You can check your eligibility for\nthe best banks based on your income, age, current obligations, property\nvaluation and LTV. The FOIR i.e. fixed obligation against income ratio for\ncalculating your income eligibility in mortgage loan is considered at 40%-60%\nof the monthly net income or net profit for both salaried and self-employed\nborrowers. For higher loan eligibility you can add an earning co-applicant \/\nco-applicants to your loan application. Maximum upto 6 members can be added as\nco-applicants to the loan. A co-applicant has to be in your blood relation &#8211; he can either be your\nspouse (husband or wife), children (son or daughter), parents (father or\nmother) &amp; siblings (brother or sister). You can also enhance your loan\neligibility by adding your additional sources of incomes such as, perks,\nincentives, bonus, gratuity, arrears, paid leaves, rental income, agricultural\nincome, self-employed cash income properly maintained in the registers of and\nreflected in the ITR, net income and profits of all the businesses of the\nself-employed, pension income, etc. <\/p>\n\n\n\n<p>The other factors equally important\nto determine your eligibility are your CIBIL score, past repayment history and\ntrack records, your total work experience, income history &amp; stability, job\ncontinuity, employment industry, your total assets &amp; liabilities, etc. High\nCIBIL score and stable jobs\/ incomes improves the chances of your loan approval\nwith the banks. <\/p>\n\n\n\n<p><strong>How To Increase Your Mortgage Loan Eligibility<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Add your legal income from other sources.<\/li><li>Add an earning co-applicant to the loan.<\/li><li>Go for maximum loan tenure.<\/li><li>Mortgage a property with higher market value.<\/li><li>Apply with a bank with lowest interest rates.<\/li><li>Foreclosing your other\nobligations such as car loan, personal loan, business loan, consumer loans,\ncredit cards, etc. <\/li><\/ul>\n\n\n\n<p><strong>Formula for calculating your mortgage loan eligibility<\/strong><\/p>\n\n\n\n<p><strong>{[Net income per month X FOIR\n%(40%-60%)] \u2013 Obligation OR Deductions} \u00f7 Per lakh EMI <\/strong>subject to market value of\nthe property i.e. LTV <\/p>\n\n\n\n<p><strong>LTV \u2013 Market Value of the\nproperty X (50%-70%)<\/strong><\/p>\n\n\n\n<p><strong>The lower figure between the\ntwo- i.e. income eligibility and the LTV factor of the property, will be the\nfinal home loan eligibility of the home buyer.<\/strong><\/p>\n\n\n\n<p>(FOIR means fixed obligation to\nincome ratio, LTV means loan to value, Obligation Or deductions means EMIs of\nother loans if any.)<\/p>\n\n\n\n<p><a href=\"https:\/\/www.loanfasttrack.com\/loan-against-property.html\"><strong><em>CHECK YOUR ELIGIBILITY<\/em><\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/EMI-Calculator-1024x571.png\" alt=\"EMI Calculator\" class=\"wp-image-342\" srcset=\"https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/EMI-Calculator-1024x571.png 1024w, https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/EMI-Calculator-300x167.png 300w, https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/EMI-Calculator-768x428.png 768w, https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/EMI-Calculator-800x446.png 800w, https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/EMI-Calculator.png 1171w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Loan EMI Calculator<\/h2>\n\n\n\n<p>With a mortgage EMI calculator check\nyour EMI easily at a single click. Calculate how much EMI you can comfortably\npay with the help of the EMI calculator. The EMI is dependent on three\nimportant factors i.e. principal borrowings, loan tenure and the rate of\ninterest, therefore <a href=\"https:\/\/www.loanfasttrack.com\/emi-calculator.html\"><strong>enter\nthese details on the EMI calculator<\/strong><\/a>, and know your EMI alongwith the\ninterest payable to the bank. <\/p>\n\n\n\n<p><strong>Benefits of using online EMI calculator<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The EMI calculator exactly\nshows how much EMI you will pay as your monthly loan instalments.<\/li><li>It also shows the total\ninterest payable on the loan amount.&nbsp;&nbsp; <\/li><li>Calculating EMI using manual\nEMI formula is complex. It increases your chances for wrong calculations and\nwrong selection of banks.&nbsp; <\/li><li>By calculating the EMIs in\nseconds, it saves your precious time.&nbsp;&nbsp;&nbsp; <\/li><li>You can compare multiple EMIs with different loan tenures and\ninterest rates and choose the one that is within your budget.<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.loanfasttrack.com\/emi-calculator.html\"><strong><em>CALCULATE YOUR EMI<\/em><\/strong><\/a><\/p>\n\n\n\n<p><strong>Know the best mortgage loan interest rates,<\/strong> <a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>mortgage loan in Mumbai<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/emi-calculator.html\"><strong>mortgage loan <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/emi-calculator.html\"><strong>eligibility<\/strong><\/a><strong> and compare mortgage loan of various banks online on a single platform on <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/\"><strong>https:\/\/www.loanfasttrack.com\/<\/strong><\/a><strong>. It is a user friendly platform providing detailed information, comparison and evaluation on the mortgage loan process, documentation, eligibility, ongoing offers and key factors such as interest rates, processing fees, LTV, etc. of the top banks <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/\"><strong>just at a single click<\/strong><\/a><strong>. <\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/mortgagemark.com\/wp-content\/uploads\/2018\/07\/MortgageLoan-Process.png\" alt=\"Mortgage Loan Process Overview - MortgageMark.com\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Loan Process<\/h2>\n\n\n\n<p>The\nloan processing is always a time consuming process and it takes nearly 15-20\nworking days to get the loan amount on submission of required documents. Below\nmentioned is the step by step process to help you apply for a mortgage loan.<\/p>\n\n\n\n<p><strong>Step 1<\/strong>: Choose the best bank for a mortgage\nloan to apply with. Use our online portal <a href=\"https:\/\/www.loanfasttrack.com\/loan-against-property.html\"><strong>https:\/\/www.loanfasttrack.com\/loan-against-property.html<\/strong><\/a>, to compare and evaluate the\nbank and its offers relating to interest rates, processing fees, LTV, tenure,\netc.&nbsp; <\/p>\n\n\n\n<p><strong>Step 2<\/strong>: On finalizing the best bank, submit\nyour application for the desired loan amount by filling your contact details\nsuch as name, contact number, email address &amp; location on <a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html<\/strong><\/a>.<\/p>\n\n\n\n<p><strong>Step 3<\/strong>: On successful submission of\napplication, receive a call from expert advisors for further tele-discussions\nof your mortgage requirements. <\/p>\n\n\n\n<p><strong>Step 4<\/strong>: The expert will collect the\nnecessary information on your income, employment, property, occupation,\nobligation etc. to calculate your loan eligibility and will provide you with\nbest offers from the top banks. You can select the best suitable offer.&nbsp; <\/p>\n\n\n\n<p><strong>Step 5<\/strong>: The experts will send you the\nmortgage loan checklist for the chosen bank. The checklist contains your KYC,\nincome documents and property papers.Please refer to the following links for\nthe mortgage loan documentation.<\/p>\n\n\n\n<p>For\nMortgage Loan &#8211; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/mortgage-loan-list-of-documents-for-salaried-customers\/\"><strong>https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/mortgage-loan-list-of-documents-for-salaried-customers\/<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>For\nMortgage Loan Balance Transfer &#8211; <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/document-checklist-for-mortgage-loan-balance-transfer-for-salaried-customers\/\"><strong>https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/document-checklist-for-mortgage-loan-balance-transfer-for-salaried-customers\/<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p><strong><em>Speak\nto a mortgage loan expert on <\/em><\/strong><strong><em>9321020476<\/em><\/strong><\/p>\n\n\n\n<p><strong>Step 6<\/strong>: A relationship manager (RM) will be\nassigned to you who will be your one point of contact for the loan application.\nThe RM will visit you personally to collect the documentation and to sign the\nmortgage loan form. Cheques towards the processing fees, legal and technical\ncharges will also be collected at the same time.<\/p>\n\n\n\n<p><strong>Step 7<\/strong>: The duly signed form along with the\nrequired set of documents will be submitted to the bank for sanction process.\nThe estimated time for loan sanction is 5-10 working days. Property legal and\ntechnical (property valuation) will be initiated within these 5-10 working\ndays. The sanction process involves scrutiny of your submitted form and\ndocuments, CIBIL check, RCU (Risk Containment Unit) verification for any\nfraudulent and forged documents, FI (Field Investigation) visits at your\nresidence and office, personal discussion with the credit manager.&nbsp;&nbsp; <\/p>\n\n\n\n<p><strong>Step 8<\/strong>: The legal and technical\nverification of the property will be done. A physical inspection of the\nproperty will be carried out to ascertain its current market value, age and\ntechnical deviation to be sure that banks do not over-lend the cost of the\nproperty. A legal scrutiny of the property papers is done to be sure of the\nclear and marketable title of the property.<\/p>\n\n\n\n<p><strong>Step 9<\/strong>: On satisfactory results of the\nabove your loan will be approved and you will be issued the copy of the\napproved loan i.e. the mortgage loan sanction letter. You are required to then\nsubmit the original property papers with the bank along with the disbursement\nkit duly signed for your loan disbursement process. The disbursement is the\nprocess of another 5-10 working days.<\/p>\n\n\n\n<p><strong>Step 10<\/strong>: The disbursed loan amount will be\ntransferred to your banking account through NEFT or RTGS or by issued cheque\nfor the disbursed loan amount<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.ally.com\/do-it-right\/images\/2020\/06\/0520-Mortgage-documents-feature-graphic-v1-400x300.png\" alt=\"Morgage Loan Documents\"\/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Documents Required For Applying Mortgage Loan<\/h2>\n\n\n\n<p>As\nmentioned above, a mortgage loan processing comprises of three processes:<\/p>\n\n\n\n<p>a)\nSanction process<\/p>\n\n\n\n<p>b)\nLegal &amp; Technical process<\/p>\n\n\n\n<p>c)\nDisbursement process.<\/p>\n\n\n\n<p>Below\nmentioned are the list of documents required for all the 3 processes of\nmortgage loan for both salaried and self-employed.<\/p>\n\n\n\n<p><strong>a) Documents required for sanction\nprocess<\/strong><\/p>\n\n\n\n<p><strong>Salaried Documents<\/strong><\/p>\n\n\n\n<p><strong>KYC<\/strong><\/p>\n\n\n\n<p>1.\nPan card copy of all applicants.<\/p>\n\n\n\n<p>2.\nLatest passport size colour photographs of all applicants.<\/p>\n\n\n\n<p>3.\nResidence proof &#8211; Copy of Aadhar card &amp; electricity bill.<\/p>\n\n\n\n<p><strong>Financial Documents<\/strong><\/p>\n\n\n\n<p>1.\nLatest 4 months salary slips.<\/p>\n\n\n\n<p>2.\nLatest 2 years form 16.<\/p>\n\n\n\n<p>3.\nLatest 6 months salary account statements.<\/p>\n\n\n\n<p>4.\nLatest 1 year bonus copy.<\/p>\n\n\n\n<p>5.\nFor rental income receivable:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Copy of registered rental\nagreement.<\/li><li>12 months latest rental\ncredit statement. <\/li><\/ol>\n\n\n\n<p>6.\nFor agricultural income receivable: latest 2 years ITR copy reflecting the\nagricultural <\/p>\n\n\n\n<p>&nbsp;&nbsp;&nbsp; Income.<\/p>\n\n\n\n<p>7.\nFor employment change:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Copy of joining letter\/\nappointment letter\/ offer letter of the new company.<\/li><li>Copy of resignation letter.<\/li><li>One month salary credit in a\nbank account.<\/li><\/ol>\n\n\n\n<p><strong>Other Documents<\/strong><\/p>\n\n\n\n<p>1.\nBank form duly signed and all applicants. <\/p>\n\n\n\n<p>2.\nProcessing fee cheque in favour of bank.<\/p>\n\n\n\n<p><strong>Self-employed Documents<\/strong><\/p>\n\n\n\n<p><strong>KYC<\/strong><\/p>\n\n\n\n<p>1.\nPan card copy of all applicants.<\/p>\n\n\n\n<p>2.\nLatest passport size colour photographs of all applicants.<\/p>\n\n\n\n<p>3.\nResidence proof &#8211; Copy of Aadhar card &amp; electricity bill.<\/p>\n\n\n\n<p><strong>Financial Documents<\/strong><\/p>\n\n\n\n<p>1. 3\nyears latest financials of the applicant with Saral Copy, Balance Sheet,\nP&amp;L account, Capital Account &#8211; CA certified with membership no. &amp; USDIN\nno.<\/p>\n\n\n\n<p>2.\nLatest 3 years Form no-26 AS.<\/p>\n\n\n\n<p>3.\nLatest 1 year Copy of GST returns \u2013 3B form.<\/p>\n\n\n\n<p>4.\nLatest 12 months bank account statement of the current account (if any).<\/p>\n\n\n\n<p>5.\nLatest 12 months bank account statement of all savings accounts.<\/p>\n\n\n\n<p>6.\nFor rental income receivable:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Copy of registered rental\nagreement.<\/li><li>12 months latest rental\ncredit statement. <\/li><\/ul>\n\n\n\n<p>7.\nCA certified debtors and creditors statement aging for 1 year.<\/p>\n\n\n\n<p><strong>Other Documents<\/strong><\/p>\n\n\n\n<p>1.\nBusiness profile on the letter head of the company.<\/p>\n\n\n\n<p>2.\nBusiness proof \u2013 GST registration, Ghumastha or Copy of Aadhar Udyog.<\/p>\n\n\n\n<p>3.\nCopy of contract letter if any.<\/p>\n\n\n\n<p>4.\nIf self-employed is :<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Chartered Accountant &#8211; copy\nof COP &amp; passing certificate.<\/li><li>Doctor &#8211; copy of degree\ncertificate.<\/li><\/ol>\n\n\n\n<p>5.\nProcessing fee cheque in favour of bank.<\/p>\n\n\n\n<p>6.\nBank form duly signed and all applicants. <\/p>\n\n\n\n<p><strong>Additional Documents Required For The Balance Transfer Of\nMortgage Loan:<\/strong><\/p>\n\n\n\n<p>7. LOD (list of documents) from the\nexisting loan bank.<\/p>\n\n\n\n<p>8. Repayment track record for 18 months.<\/p>\n\n\n\n<p>9. Outstanding letter copy from the\nexisting loan bank.<\/p>\n\n\n\n<p><strong>b) Documents Required For Legal\n&amp; Technical Process <\/strong><\/p>\n\n\n\n<p><strong>For Salaried and Self-employed<\/strong><\/p>\n\n\n\n<p>1.\nCopy of prior chain of agreements.<\/p>\n\n\n\n<p>2.\nOC \/ CC + approved plan copy.<\/p>\n\n\n\n<p>3.\nCopy of index 2. <\/p>\n\n\n\n<p>5.\nCopy of latest property maintenance bill. <\/p>\n\n\n\n<p>6.\nCopy of share certificate.<\/p>\n\n\n\n<p>7.\nCopy of society registration certificate.<\/p>\n\n\n\n<p>8.\nCopy of latest property tax receipt.<\/p>\n\n\n\n<p><strong>c) Documents Required For\nDisbursement Process<\/strong><\/p>\n\n\n\n<p><strong>For Salaried and Self-employed<\/strong><\/p>\n\n\n\n<p>1.\nOriginal copy of prior chain of agreement with stamp duty duly paid &amp;\nregistration done along-with index 2.<\/p>\n\n\n\n<p>2.\nCopy of Occupancy Certificate\/CC + approved plans.<\/p>\n\n\n\n<p>3.\nOriginal share certificate &#8211; if issued.<\/p>\n\n\n\n<p>4.\nNOC from society\nduly signed by chairman &amp; secretary- if society is formed.<\/p>\n\n\n\n<p>5. Noc from builder &#8211; if\nsociety is not formed.<\/p>\n\n\n\n<p>6. Copy of Society\nregistration certificate.<\/p>\n\n\n\n<p>7. Latest copy of property\ntax receipt.<\/p>\n\n\n\n<p>8. For CIDCO\/MHADA Property<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Copy of\nconveyance deed, original NOC &amp; transfer letter from CIDCO\/ MHADA &#8211; if\nconveyance deed is executed.<\/li><li>Copy of\ntri-party agreement &amp; lease agreement &#8211; if conveyance deed is not executed.\n<\/li><\/ol>\n\n\n\n<p>9. Title search report of\nthe property.<\/p>\n\n\n\n<p>10. Structural audit report\nof the property for properties more than 50years old.<\/p>\n\n\n\n<p>11. Any other documents:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>As per the\nLegal report of the property.<\/li><li>As per the\nsanction condition. <\/li><li>As\ndemanded by the credit managers. <\/li><\/ol>\n\n\n\n<p>12. 7-Security mandate\ncheques in favor of BANK.<\/p>\n\n\n\n<p>13. Docket kit duly signed\nby all applicants.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Common Reasons Why Your Mortgage Loan Gets Rejected<\/h2>\n\n\n\n<p>The\nreasons for rejections are case specific but the common reasons for rejections\nare: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Not qualifying for the loan.<\/li><li>Your income eligibility.<\/li><li>Age criteria.<\/li><li>LTV constraints on the\nproperty funding.<\/li><li>Negative profile, negative\nindustry or negative business.<\/li><li>Negative FI (field\ninvestigation) visit.<\/li><li>Your low CIBIL score.<\/li><li>Low CIBIL score of the\nco-applicant\/ co-applicants.<\/li><li>If you are a frequent job\nhopper.<\/li><li>If you are a loan defaulter. <\/li><li>Black listed property,\nproject, area, builder or developer.<\/li><li>If you are an NRI working in\ncountries such as Pakistan, Afghanistan, Nigeria, Bhutan, China, Nepal, Bangladesh, Sri Lanka,Iran, North Korea (Democratic People\u2019s Republic of\nKorea), Cuba, Syria, Sudan, and Crimea Region of Ukraine, Macau, Hong Kong.<\/li><li>Legal issues in property such\nas suit filed, unclear title, property not registered, stamp duty not paid, no\nownership rights, etc. <\/li><li>Technical issues in property\nsuch as property valuation, illegal construction, illegal extensions, property\nage, etc. <\/li><li>Misplaced, missing or\nproperty papers lost.<\/li><li>Processing fees cheque\nbounce. Having insufficient balances in all subsequent bank accounts for\nprocessing charges.&nbsp; <\/li><li>Loan end-use is not\njustified. <\/li><\/ul>\n\n\n\n<p>You\nneed to be careful when applying for a mortgage loan. Multiple rejections of\nyour loans from the banks carry a negative impact on your CIBIL history thereby\nhampering your CIBIL score. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Dealing With Increasing Interest Rates<\/h2>\n\n\n\n<p>Many\ntimes you come across a situation where your rate of interest keeps increasing\nand at times your rate of interest does not reduce despite the reduction in the\nlending rates of the banks. (Lending rates of the banks fluctuates to the\nfluctuations in the repo rates announced by the RBI.) While the hike in the\ninterest rates is immediately implemented by the banks, the implementation of\nreduced interest rates are often delayed and at times aren&#8217;t transferred unless\nyou pay a conversion cost to convert your high interest rate mortgage loan to a\nlow interest rate mortgage loan. <\/p>\n\n\n\n<p>With\nchanging economic conditions and inflation in the country the Reserve Bank of\nIndia keeps altering the repo rates for the banks, which further alters the\nlending rates of the banks that further fluctuates your mortgage interest\nrates. So if your interest rates remain unchanged irrespective of the reduction\nin the interest rates by the banks, it probably is a time for you to transfer\nyour mortgage loan to a new bank with low interest rates on mortgage loan.\nSwitching your bank will also benefit you from availing, longer repayment\ntenures, top-up facility with increased loan tenures, opportunity to shift to a\nfixed interest rate mortgage loan, improved &amp; satisfactory services of the\nnew bank, etc. However to be able to balance transfer your mortgage loan you\nneed to have a proper repayment history of your EMIs. Timely repayment of your\nloan EMI, no delayed payments, no EMI bounces forms a strong base for your\nbalance transfer which also gives you an upper hand to negotiate with the banks\non interest rates and processing charges. <\/p>\n\n\n\n<p><strong>Reduce\nyour interest rates CLICK to<\/strong> <a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>APPLY <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>for<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong> <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>a <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>Mortgage Loan Balance Transfer <\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>@ 9%. <\/strong><\/a><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"259\" height=\"194\" src=\"https:\/\/www.loanfasttrack.com\/blog\/wp-content\/uploads\/2020\/07\/image.jpeg\" alt=\"Motgage Loan FAQ\" class=\"wp-image-339\"\/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Loan FAQ<\/h2>\n\n\n\n<p><strong>What is a mortgage loan?<\/strong><\/p>\n\n\n\n<p>A\nloan provided by a financial lender i.e. by bank\/NBFC against the collateral of\nyour property which can be residential, commercial or industrial is called a\nmortgage loan.<\/p>\n\n\n\n<p><strong>Who can apply for a mortgage loan?<\/strong><\/p>\n\n\n\n<p>An\neligible individual who is either salaried or self-employed or professional\nwith regular flow of income can apply for a mortgage loan. A company- proprietorship\nfirm, partnership firm, private limited, public limited can also apply for a\nmortgage loan.&nbsp; <\/p>\n\n\n\n<p><strong>What are the current interest rates\nfor mortgage loans in India?<\/strong><\/p>\n\n\n\n<p>Present\ninterest rates for mortgage loans in India range between &#8211; 8.75% to 13%.<\/p>\n\n\n\n<p><strong>What is the turnaround time for loan\nprocessing? <\/strong><\/p>\n\n\n\n<p>Total\nturnaround time for processing a mortgage loan takes 10-20 working days.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Sanction process takes 5-10\nworking days. <\/li><li>Disbursement takes 5-10\nworking days.<\/li><\/ul>\n\n\n\n<p><strong>What is the maximum loan tenure I can\nget?<\/strong><\/p>\n\n\n\n<p>Your\nmortgage loan tenure largely depends on your age and the age of your property.\nHowever the maximum loan tenure banks provide is for 15 years, while some banks\nalso provide upto 20 years.<\/p>\n\n\n\n<p><strong>How much mortgage loan can I get?<\/strong><\/p>\n\n\n\n<p>There\nis no upper ceiling limit for taking a mortgage loan. It is subject to your\nincome eligibility and the market value of your property. <\/p>\n\n\n\n<p><strong>What is the total cost for taking a\nmortgage loan?<\/strong><\/p>\n\n\n\n<p>You\nare required to pay all banking charges and government charges before taking\nthe disbursement of the mortgage loan.Processing fees (0.25%1%), legal &amp;\ntechnical charge (Rs.5000-Rs.10,000), franking charge of 0.10%-0.20% on the\nloan amount and other miscellaneous charges such as CERSAI (Rs100), CIBIL\n(Rs.100) , etc. plus the applicable GST of 18% on the mentioned charges.<\/p>\n\n\n\n<p><strong>Can I transfer my mortgage loan? Are\nthere any foreclosure charges?<\/strong><\/p>\n\n\n\n<p>Yes\nyou can anytime transfer your mortgage loan to another bank unless it is in the\nfixed duration under the fixed interest rate mortgage loan. Foreclosure charges\nfor fixed rate mortgage loans can cost you 2%-5% on the outstanding loan\namount. The charges vary (for salaried to self-employed customers) from bank to\nbank.<\/p>\n\n\n\n<p>Transferring the loan to another bank\nmeans the loan will be treated as a new mortgage loan and you will have to once\nagain pay all the relevant charges for the loan namely- processing fees\n(0.25%-1% on the loan amount), administrative cost, legal &amp; technical cost (Rs.5000-Rs.10,000), stamp duty cost of 0.20% on the\nloan amount, etc. <\/p>\n\n\n\n<p><strong>Is\nthere any Lock-In period for mortgage loans?<\/strong><\/p>\n\n\n\n<p>There is no lock-in period for mortgage\nloans with floating interest rates. For mortgage loans with fixed interest rate\nlock-in periods may vary from bank to bank, which can be 1year, 3years, 5\nyears, 7years or 10years.<\/p>\n\n\n\n<p><strong>Can I have a joint loan application?\nWho can be my co-applicant?<\/strong><\/p>\n\n\n\n<p>Yes\nyou can jointly apply for your mortgage loan, with your spouse, parents,\nchildren and siblings. An\nco-applicant is the co-borrower for the loan and is equally responsible for\nloan repayment alongwith the primary borrower.<\/p>\n\n\n\n<p><strong>What are the tax benefits on a\nmortgage loan? <\/strong><\/p>\n\n\n\n<p>There\nare no tax exemptions for the principal amount in mortgage loans. However for\nthe interest paid you can claim the tax exemptions if you maintain the\nappropriate documents to justify the end-use of the mortgage loan, such as:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Interest can be claimed as\nbusiness expenses under section 37(1) if the end-use for the mortgage loan is\nfor business purposes.<\/li><li>Interest can be claimed as\nbusiness expenses under section 24(b) if the end-use for the mortgage loan is\nfor purchasing house or home renovation or repairs. <\/li><li>No interest exemptions if the\nend-use for the mortgage loan is for personal reasons such as, children\neducation, marriage expenses, etc.<\/li><\/ol>\n\n\n\n<p><strong>How can I increase my mortgage loan\neligibility?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>By adding your legal income from other sources such as perks\nand reimbursements from the company, rental income, agricultural income, etc.<\/li><li>By adding an eligible and earning co-applicant to the loan.<\/li><li>Go for maximum loan tenure.<\/li><li>Mortgage a property with higher market value.<\/li><li>Apply with a bank with lowest interest rates.<\/li><li>Foreclosing your other\nobligations such as car loan, personal loan, business loan, consumer loans,\ncredit cards, etc. <\/li><\/ul>\n\n\n\n<p><strong>I am an NRI working in London. Can I\napply for a mortgage loan?<\/strong><\/p>\n\n\n\n<p>Yes.\nYou can apply for a mortgage loan in India, provided you are employed as\nsalaried in London. Self-employed NRI cannot apply for mortgage loans in India.\nAn salaried NRI working in countries apart from Iran, North Korea (Democratic\nPeople\u2019s Republic of Korea), Cuba, Syria, Sudan, and Crimea Region of Ukraine, Pakistan, Bangladesh, Sri\nLanka, Afghanistan, China, Nepal, Macau, Hongkong or Bhutan, can apply\nfor a mortgage loan in India.<\/p>\n\n\n\n<p><strong>Can I apply for top-up on my existing\nmortgage loan? What will be\nthe rate of interest?<\/strong><\/p>\n\n\n\n<p>Yes,\nyou can apply for a top-up loan on your existing mortgage loan provided you\nhave made the timely repayments of your loan EMIs. It can be obtained with minimum documentation, but the\ninterest rates on top-up will be 0.25%-1% higher than your existing mortgage\nrate.<\/p>\n\n\n\n<p>However your top-up rate remains the same\nas the mortgage rate, when you apply for a top-up loan along-with the balance\ntransfers to other banks.<\/p>\n\n\n\n<p><strong>How much top-up can I get on my\nmortgage loan?<\/strong><\/p>\n\n\n\n<p>The top-up eligibility on mortgage loan\nis subject to your income eligibility and the market value of the property i.e.\nthe LTV (Loan To Value) criterias of the banks.<\/p>\n\n\n\n<p><strong>Can I get a mortgage loan with any\nexisting loan?<\/strong><\/p>\n\n\n\n<p>Yes,\nyou can get a mortgage loan along with your other existing loan provided you\nare capable of paying the additional mortgage EMIs. Your income eligibility\n&amp; repayment track of existing loans is important for you to qualify for\nadditional mortgage loans. <\/p>\n\n\n\n<p><strong>Am I eligible for a mortgage loan\ndespite a poor credit score?<\/strong><\/p>\n\n\n\n<p>Yes\nyou can be eligible for a mortgage loan with poor credit score, provided you\nhave a valid justification for the poor scores. However, banks may charge you\nhigher interest rates and processing fees for such cases. <\/p>\n\n\n\n<p><strong>How do I reduce my mortgage loan interest\nrates? <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Visit your bank to negotiate\non your existing interest rate.<\/li><li>By paying a conversion cost\nto get the reduced interest rates. <\/li><li>By <a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>Switching loan to a new bank with low interest rates.<\/strong><\/a> <\/li><\/ul>\n\n\n\n<p><strong>Can\nI repay my loan ahead of schedule? What are the charges?<\/strong><\/p>\n\n\n\n<p>Yes. You can repay your loan ahead of\nschedule by making lump sum payments towards part or full prepayment of the\nloan amount. <\/p>\n\n\n\n<p>For floating rate mortgage loans- Nill\nPre &amp; part payment charges.<\/p>\n\n\n\n<p>For fixed rate mortgage loans- Pre &amp;\npart payment charges are applicable.<\/p>\n\n\n\n<p>(Please note: Banks criterias for\nforeclosure charges differ for salaried and self-employed customers which also\nvaries from bank to bank.)<\/p>\n\n\n\n<p><strong>Is it possible to get a mortgage loan\non grampanchayat property? <\/strong><\/p>\n\n\n\n<p>Grampanchayat\nproperties are generally not considered for the mortgage loans by banks.\nHowever there are only some NBFCs who provide loans on grampanchayat\nproperties. Interest rates on grampanchayat properties are generally high and <\/p>\n\n\n\n<p>starts\nfrom 15% to 19%. The processing fees and the cost for processing your mortgage\nloan on grampanchayat property is also high.<\/p>\n\n\n\n<p><strong>What documents do I require to apply\nfor a mortgage loan?<\/strong><\/p>\n\n\n\n<p>Your\nKYC (pan card, aadhar card, residential and office proof), financial documents\n(4 months salary slips, 2 years form 16, 6 months bank account statement, 3\nyears ITR copy, business profile &amp; business proofs) and property documents\n(prior chain of agreement, OC\/CC + plan copy, Index 2, share certificate,\nproperty tax and property maintenance) are required for applying for a mortgage\nloan.<\/p>\n\n\n\n<p>Refer\nlink <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/mortgage-loan-list-of-documents-for-salaried-customers\/\"><strong>https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/mortgage-loan-list-of-documents-for-salaried-customers\/<\/strong><\/a><strong> <\/strong>for detailed list of documents required.<\/p>\n\n\n\n<p>&amp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/document-checklist-for-mortgage-loan-balance-transfer-for-salaried-customers\/\"><strong>https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/document-checklist-for-mortgage-loan-balance-transfer-for-salaried-customers\/<\/strong><\/a><strong> <\/strong>for detailed list of documents required for mortgage loan balance\ntransfers. <\/p>\n\n\n\n<p><strong>What is the difference between home\nloan and mortgage loan?<\/strong><\/p>\n\n\n\n<p>Home\nloan and loan against property i.e. mortgage loan are often used\ninterchangeably, but the two are different loans. A loan taken to purchase a\nresidential property whether under-construction or ready to move from a builder\nor in resale is called a home loan; while a loan taken on your already existing\nresidential, commercial and industrial property is called a mortgage loan. The\ndifference in both can be attributed to many points such as its end-use, LTV\ncriteria, tenure, loan charges, tax benefits, etc. Get detailed information on\nits differences on our previous blog \u201c<a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/difference-between-home-loan-and-loan-against-property\/\"><strong>Difference Between Home Loan And Loan Against Property<\/strong><\/a><strong>\u201d.<\/strong><\/p>\n\n\n\n<p><strong>What is the difference between\nmortgage loan and personal loan?<\/strong><\/p>\n\n\n\n<p>Although\nboth look similar in emergencies and both loans can be taken to fulfill your\nimmediate requirement of funds, both differ with respect to interest rates,\nsecurity, tenure, closure charges, closure conditions etc. Since property is\nprovided as collateral in mortgage loans it is termed as a secured loan and\ntherefore its interest rates are low in comparison to the personal loan which\nis an unsecured loan given only against your income earnings.&nbsp; <\/p>\n\n\n\n<p><strong>Does it affect my co-applicant if I\ndefault my mortgage loan?<\/strong><\/p>\n\n\n\n<p>A\nco-applicant is also a co-borrower to the loan which means that if you fail to\npay your loan EMIs on time or pay with delay it hampers your credit history and\ngets reflected in your CIBIL records as loan defaults or delayed payments which\nfurther reduces your &amp; <\/p>\n\n\n\n<p>your\nco-applicant\u2019s CIBIL scores.<\/p>\n\n\n\n<p><strong>Why\nchoose Loanfasttrack?&nbsp; &nbsp;<\/strong><\/p>\n\n\n\n<p>If you are\nworried about how to get a low cost mortgage loan in Mumbai, Loanfasttrack is\nthe answer to your worry. <\/p>\n\n\n\n<p>If you want to\ntransfer your mortgage loan @ lowest rate of 9% and below, Loanfasttrack is\nyour guide.&nbsp; <\/p>\n\n\n\n<p>If you are\nlooking for a genuine service provider in Mumbai, Loanfasttrack is at your\nservice &amp;<\/p>\n\n\n\n<p>If\nyou want to meet your financial emergencies through a secured way of low cost\nmortgage loan, reach us on <a href=\"https:\/\/www.loanfasttrack.com\/\"><strong>https:\/\/www.loanfasttrack.com\/<\/strong><\/a>. Loanfasttrack will provide you hassle free services at your doorsteps\nwith comparative evaluations of more than 13+ top banks, with no additional\ncost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. <\/p>\n\n\n\n<p class=\"has-background has-very-light-gray-background-color\">About Loanfasttrack- Loanfasttrack is a\nMumbai based loan provider company since 2015 offering loan services in Mumbai on&#8211; <a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>housing loan in Mumbai<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>mortgage loan in Mumbai<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>personal loan in Mumbai<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\">,<\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"><strong>business Loan in mumbai<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/business-loan.html\"><strong>unsecured business\nloans<\/strong><\/a>,<a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>home loan transfer<\/strong><\/a>, top-up loans, <a href=\"https:\/\/www.loanfasttrack.com\/car-loan.html\"><strong>car loans<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/car-loan.html\">,<\/a> educational loans and <a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>loan transfers<\/strong><\/a>.<\/p>\n\n\n\n<p>It also helps you:<\/p>\n\n\n\n<p>\u221a To find\nthe<a href=\"https:\/\/www.loanfasttrack.com\/home-loan.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/home-loan.html\"><strong>best bank for home loan<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get\nlowest<a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>home loan rates in Mumbai<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get\nan<a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>instant loan in Mumbai<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get\ninstant <a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>personal loan in Mumbai<\/strong><\/a> &amp;<a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"><strong>business loan in Mumbai<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To make\nyou qualify for the maximum<a href=\"https:\/\/www.loanfasttrack.com\/loan-against-property.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/loan-against-property.html\"><strong>loan against property\neligibility<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get a\nlow cost<a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>home loan balance transfer<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>\u221a To get\nassured low interest rates for<a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>loan against property in Mumbai<\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p>With\nthe lockdown being lifted in Mumbai, we have also resumed with our physical\noperations at <a href=\"https:\/\/www.loanfasttrack.com\/\"><strong>Loanfasttrack<\/strong><\/a>. We assure safety while providing hassle free documentation\nat your doorsteps. With the constraints of limited working staff of the\nbankers, and the banks safety norms to disinfect the physical copies of the\ncollected applications and documentations, we have temporarily revised the loan\nprocessing time by additional 7-9 working days. Loanfasttrack fully supports\nthe bank&#8217;s safety norms and measures. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>(The Complete Guide For Mortgage Loan) A loan provided by pledging your property as collateral with lender Banks\/NBFCs is called a mortgage loan. Since the property is taken as a security to provide a loan it falls under the category of secured loans. Mortgage loans are also referred to as \u201cLoan Against Property\u201d. The interest &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[2,29,38],"class_list":["post-334","post","type-post","status-publish","format-standard","hentry","category-finance","tag-mortgage-loan","tag-mortgage-loan-in-mumbai","tag-mortgage-loan-instant-loan-in-mumbai"],"_links":{"self":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/comments?post=334"}],"version-history":[{"count":5,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/334\/revisions"}],"predecessor-version":[{"id":345,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/334\/revisions\/345"}],"wp:attachment":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/media?parent=334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/categories?post=334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/tags?post=334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}