A mortgage loan is a secured advance that enables individuals to meet their big-ticket funding requirements by providing an immovable asset as a security. Depending on the type of loan, the mortgage can be a commercial or residential property or business assets like plants and machinery. Besides, individuals are also required to meet a set of eligibility criteria and submit some essential documents to avail it.
Eligibility criteria for a mortgage advance
An individual meeting the following criteria can be eligible to avail a mortgage advance.
Residing Indian citizen.
Should hold a CIBIL score of 750 and above.
Salaried applicants should belong to the age group of 33 and 58 years.
Self-employed applicants should belong to the age group of 25 and 70 years.
For a mortgage loan one must have a stable source of income.
Must be employed at an MNC, Public or Private Sector Company.
Other than these, applicants residing in the selected locations of the lender will be considered eligible. Meeting all the requirements helps an applicant avail the advance at a competitive mortgage loan interest rate.
Most financial institutions need loan against property applicants to submit some vital documents for verification purposes.
For salaried applicants
Latest salary slips
PAN Card or Aadhaar card
Statements of bank account
Income Tax Returns
For self-employed applicants
PAN Card or Aadhaar Card
Latest bank account statements
Documents of mortgageable property
Also, the set of mortgage loan documents and eligibility criteria accompanying a mortgage loan may vary from one financial institution to another. Also, applicants may be required to meet additional eligibility and document requirements to avail a loan.
Additional Read : Loan against property is a secured loan you can avail to meet various big-ticket expenses like a wedding, your child’s overseas education, debt consolidation, and many more. Bajaj Finserv offers this loan with attractive features and benefits which you can check at bajaj finserv customer care number or bajaj finserv toll free number.