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Mortgage Loan
Looking to buy a new house, renovate your existing home, pay for children’s education, apply for long-term working capital, invest in property, or other personal or business needs? Loanz360 has the widest range of mortgage loan solutions to make your dream property a reality. With different mortgage loan rates available, we’ll help you find the perfect loan for your needs.
Mortgage loans are typically offered by banks or lenders as a type of secured loan used to purchase a home or property, or invest in personal or business needs. By pledging collateral or security, it helps to ensure that the loan will be repaid. This gives the lender a lien on the property pledged as collateral for the loan, entitled to claim on your asset until you repay the principal amount with interest as agreed upon by both parties involved in the exchange during the agreement.
By pledging collateral, you help to protect the lender’s investment and ensure that you will be able to meet your repayment obligations.
Unique Points & Features
Pre-Approved Loans
With preapprovals, you will be able to make better decisions on the budgeting of your loan against the property you are purchasing. Now with pre-approvals made easier by Loanz360 financial partners, it is just a matter of minutes to avail of a loan of choice at lower interest rates and attractive deals.
Quick Disbursal
With minimal documentation, disbursals are no longer about waiting for weeks or months to get the amount deposited in the bank. Quick disbursals have made it easier for anyone looking for emergency loans to apply and get it done with just a few steps involved.
Loans Up to 100 Crores
With most lenders offering a vast range of benefits, many are open to offering a huge sum on the loan when their customers have met the eligibility and prerequisites of the lender.
Credit Score Boost
Making regular payments on the loan can help boost your credit. This is a no-brainer when it comes to the financial market, however, mortgage loans have a high probability of boosting your credit when used appropriately. Especially with lower interest rates and flexible tenors at Loanz360, this is easier than ever.
Mortgage Interest Deduction
You can now avail tax benefits on mortgage loans when you have to pay the installments regularly. Several banks or lenders are offering convenient benefits for their credit-worthy customers by deducting their interest rates on mortgage loans.
Flexible Repayment
Short-term or collateral-free loans have shorted tenures compared to long-term loans. However, fixed interest mortgages allow their customers to pay over an established period extended up to 30 years with some lenders. Although typically the maturity of the loan depends on the amount borrowed and can have larger repayment periods as per your choice, for 10, 15, or 30 years.
Overdraft facility
With Loanz360 financial partners you could potentially get up to 90% of your mortgage loan as an overdraft.
Types
Type By Interest
Fixed Rate Mortgage: The fixed rate loan offers a fixed installment opportunity regardless of the interest rate changes in the market. If a fixed interest rate is used, the fixed monthly installment amount can be calculated, and the customer can then know their loan liability over the set period accurately.
ARM Mortgage: An adjustable-rate mortgage is a type of home loan where the interest rate is fixed for a certain initial term, after which it will fluctuate depending on the existing financial market conditions. This means the interest rates may increase or decrease depending on the market fluctuations.
Floating Rate Mortgage: In variable mortgage loans, the interest rate on your mortgage loan may change from time to time, depending on the base rate set by the bank. This, in turn, is influenced by the repo rate set by the Reserve Bank of India. How the economy and stock market are performing also has an impact on variable interest rates.
Type By Contract
Reverse Mortgage: The borrower does not have to repay the loan in the reverse mortgage facility. Instead, the lender pays the borrower against the mortgage of the borrower’s residential property. Though not commonly offered, the borrower may check with the lender on his policies regarding the loan and may negotiate on their terms.
Usufructuary Mortgage Loan: This type of mortgage loan is known as a collateralized loan. With this type of loan, the asset that is used as collateral is transferred to the lender. The lender then has the authority to use the asset for a profit. This profit can then be used to offset the principal and interest amount of the loan.
Simple Mortgage Loan: In a typical mortgage, the borrower pledges their home as collateral for the loan. The property does not change hands, but the lender has the right to foreclose if the borrower fails to make payments.
Subprime Mortgage: If you’re looking for a loan but don’t have the best credit, a subprime loan could be a great option! These loans typically come with greater interest rates, but that’s because lenders are taking on a bit more risk with the borrower that may or may not default on the repayment. However, as long as you stay on top of your payments, you’ll be in good shape.
English Mortgage: In this loan arrangement, the ownership of the mortgaged property is transferred to the lender. Should the buyer default on repayment, the lender is then entitled to take possession of the property. Although possession rights remain with the lender, the borrower is allowed to occupy or rent the property.
Type By Usage
Home Loan: The borrower may take out a mortgage loan to purchase a new house, or renovate an existing house. This loan amount may be used for any of his property needs, as long as he repays the amount regularly in the set intervals.
Commercial Property Loan: Taken popularly by business owners or entrepreneurs, these loans offer their borrowers a safe space to purchase commercial properties such as complexes, offices, shops, etc for their business purposes.Â
Second Mortgage Loan: Second mortgage loans or top-up loans are additional loans on top of the existing loans to fulfill the increased expenses or personal needs of the borrower. Although these loans are a lifesaver for those in need of extra money, the borrower will need to pay both the loans, existing and the new, simultaneously.
Loan Against Property: LAP or Loan against property is a secured loan with no end-use restrictions. You can avail of this loan against the property of your own, pledged to the lender until the loan is repaid in full.
Lease Rental Discounting: In this loan arranged against a leased property, the ownership or the title of the mortgaged property is transferred to the bank or the lender. For any reason, if the buyer defaults on repayment, the lender is then legally allowed to take possession of the property. Although the lender has the right to possess the property, the borrower is allowed to occupy or rent it.
Eligibility Criteria
Age: 21 – 65 years (Conditions Apply)
Type of Employment: Salaried/Self-Employed/Business Owner(Govt, Large Enterprises, Etc.)
Nationality: Resident of India
Type of Facility: Term/Demand/Overdraft
Security/Collateral: Commercial/Residential
Income: Monthly Minimum ~ Rs. 10,000/- and above (Salaried/Self-Employed), Minimum ~ Rs. 2,00,000/- p.a onwards (Business Owners)
Credit/CIBIL Score: Any profile(Credit score ~ 650 or above has a higher chance of getting a quick and instant loan with high funding at lower interest rates)
Employment Stability: 1 – 3 years and above (With a stable income and continual flow of money)
Note: The eligibility criteria mentioned above are generic and may vary from lender to lender. Please reach out to us at Loanz360 for a personalized eligibility chart.
Documentation
Note: Documents requested may vary from lender to lender, contact Loanz360 for any inquiry.
Salaried individuals: Passport-size photographs/Photo identity proof (Aadhar card, passport, PAN Card, Ration card, driving license, Form 60, voter ID card, etc.)/Address proof (Electricity Bill/Ration Card, Copy of Utility Bill/Insurance Bond/Bank Statements/Income Tax Assessment Order/Property Registration documents/Pensioner Book/Property Tax Receipt/Employer Certificate)/Latest salary slips for past 3 months/Form 16 issued by current employer/Latest bank statements for past 3 months
Self-employed professional/Business Owners: Passport-size photograph/Identity proof (Ration card, PAN card, Aadhar card, passport, driving license, voter ID card, etc.)/Business Registration Certificate/Financial statements for the last 3 years/Latest ITR certificates (last 3 years)/Profit and loss statement/Latest bank statements (6 months/As mentioned by the lender)Â
The lender may also request to provide property-related documents(If the collateral is required)Â
Charges & Interest Rate
CURRENT MORTGAGE LOAN INTEREST RATES START @ 7.25% P.A ONWARDS. Compare interest rates and check more deals offered on mortgage loans by our financial partners at Loanz360 in 2022.
Bank Name | Interest Rate (P.A) |
HDFC | 8.75% onwards |
Bank Of Baroda | 10.15% |
Kotak Mahindra | 7.25% |
Karur Vysya Bank | 10.00% |
Citi Bank | 8.15% |
IDFC First Bank | 11.80% |
SBI | 8.80% |
ICICI | 9.40% |
Axis Bank | 10.50% |
Shriram Finance | 11.00% |
Tata Capital | 10.10% |
IndusInd Pvt Ltd | 10.25% |
Bajaj Housing Finance | 8.60% |
Fullerton India | 12.50% |
Federal Bank | 10.10% |
Bajaj Finserv | 11.50% |
Aditya Birla Capital | 11.50% |
Corporation Bank | 10.85% |
DCB Bank | 10.50% |
Standard Chartered Bank | 11.49% |
Oriental Bank Of Commerce | 10.95% |
Religare Finvest | 10.75% |
Union Bank Of India | 9.80% |
IDBI Bank | 10.25% |
PNB Housing Finance | 9.80% |
Canara Bank | 12.50% |
Note: Our financial partners are not limited to the above-mentioned banks. Contact Loanz360 to discuss options. The interest rates may vary subject to conditions.
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Click HereContact NowFAQ
What is a mortgage loan?
Mortgage loans offer individuals and families the opportunity to purchase a home or property, or invest in personal or business needs. This type of secured loan is typically offered by banks or lenders, and can be a great way to get the money you need. However, it’s important to understand the terms and conditions of your loan before signing on the dotted line.
What is mortgage preapproval?
Preapproval is the more thorough process, and involves submitting a mortgage application to your lender. They will then pull your credit report, verify your income and employment, and assess your financial situation. If everything looks good, they will issue you a preapproval letter, which is basically a guarantee that they will give you a loan for a certain amount, at a certain interest rate. Read more about mortgage preapproval and prequalification here.
What is mortgage prequalification?
A mortgage prequalification is simply an estimate of how much you may be able to borrow based on your income, debts, and credit score. It is important to remember that prequalification is not a guarantee that you will be approved for a loan. Read more about mortgage preapproval and prequalification here.
Can NRIs apply for a mortgage loan?
Yes. To be eligible for a mortgage loan from most banks, you’ll need to meet a few basic requirements. You’ll need to be either salaried or self-employed, and either a resident Indian or NRI. There may be additional criteria, but that’s the basics!
Are there any end-use restrictions on the loan?
For loans against property or LAP loans, there are no end-use restrictions. The loan can be used for both personal and business benefits as long as the borrower repays the loan regularly at set intervals.
What is the maximum loan amount I can get against the property provided?
Lenders offer a margin against the property provided by the borrower. The margin however may differ from bank to bank and region to region. Check with the bank or the lender and read their fine print before applying for a loan. Most banks offer a 90% margin with an average margin ranging from 40% to 60%.
Can I offer land under a LAP loan?
Yes. You can provide land under a LAP loan. However, the land pledged cannot be industrial or agricultural land. The land pledged as security can be for commercial purposes (building/ building land). Several banks have different criteria, but most allow commercial and residential property as collateral.
What are the charges on my mortgage loan?
The charges may differ from bank to bank. Most banks may even waive their processing fee, foreclosure fee, and other fees under certain circumstances given that the borrower has good credit and is trustworthy. If you want a loan with reduced or zeroed fees, check with our representatives at Loanz360. We can provide you with a lender willing to work towards your end goals.
What is HOEPA?
Homeownership and Equity Protection Act (HOEPA). HOEPA was created to help protect homeownership and equity and assists those who may not otherwise qualify for a mortgage loan.
What are EBLR and Repo Rate?
The repo rate and EBLR are set by the Reserve Bank of India. EBLR, short for External benchmark lending rate is the rate of interest charged by a bank to its customers on loans, while the repo rate is the interest paid by a bank on loans it has taken from the central bank.
Who is eligible to transfer their property under TPA?
‘Every person competent to contract and entitled to the transferable property, or authorized to dispose of transferable property not his own, is competent to transfer such property, either wholly or in part and either absolutely or conditionally, in the circumstances, to the extent and in the manner, allowed and prescribed by any law for the time being in force,’ section 7 of TPA reads. Read more about mortgage laws in India here.
Can I foreclose my loan when I wish?
Lorem ipsum dolor sit amet, consectetur adipisicingYes. However, the borrower may be requested by the bank or the lender to clear their entire loan amount before foreclosing a loan. Moreover, the bank may or may not charge a foreclosure fee, with charges varying from bank to bank. You can get a detailed personalized chart at Loanz360 for any lender or requirements on your loan. elit. Optio, neque qui velit. Magni dolorum quidem ipsam eligendi, totam, facilis laudantium cum accusamus ullam voluptatibus commodi numquam, error, est. Ea, consequatur.
How do I apply for a reverse mortgage loan?
To apply for a reverse mortgage loan, the borrower should screen through certain parameters of the loan. If you’re a senior citizen and finding it difficult to make ends meet, a reverse mortgage could be a great way to get some extra cash. By tapping into the equity in your home, you can get the money you need to help cover your living expenses and enjoy a better quality of life.
Can I get a mortgage loan without collateral?
Yes. However, this is a small or short-term loan that does not need collateral or is an unsecured/signature loan sanctioned based on the employment stability, creditworthiness, repayment capabilities, and relationship between both parties involved in the exchange. The lender should be able to trust the borrower so that he may repay the loan on time with interest.
Why is my mortgage loan rejected?
There are many reasons why a mortgage loan may be rejected. The most common reason is that the applicant does not qualify for a mortgage loan due to insufficient credit score or income. Other reasons include insufficient down payment, poor credit history, and high debt-to-income ratio. (These can be avoided at Loanz360 by discussing repayment capabilities and exploring alternative deals before applying for the loan)
Where can I find home loans for first time buyers?
We work with an exclusive network of over 50 leading financial institutions across the country to provide only the best home loans for first time buyers. So, we’re sure to find a solution that’s right for you. With our years of experience and intimate industry knowledge, we’ll ensure you get the best loan possible. With the best deals possible, you can even avail of home loans for first time buyers at Loanz360.
