A mortgage loan can be described as a credit option that is designed to cater to the financial requirements of senior citizens. The fact that this loan option does not create an immediate financial liability and can be availed by mortgaging one’s residential property makes it a viable option for many.
However, to benefit from this credit option, individuals need to follow these few steps once they have found a suitable lender –
Step 1 – Check eligibility criteria
Most reverse mortgage loan requires individuals to fulfil certain requirements, which include –
For self-employed
Should be a residing citizen of India.
Must have a regular source of income.
Individuals should be between the age of 25 and 70 years.
For salaried professionals
An Indian resident.
Between 33 years and 58 years of age.
Must be employed at a public sector, a private undertaking or an MNC.
Possessing a healthy credit score and credit history may come in handy to enhance one’s chances of loan approval.
Step 2 – Find the required documents
Typically, to avail a mortgage loan, applicants have to submit these following documents –
KYC documents.
IT returns.
Financial statements.
Bank statements.
Documents of the property to be mortgaged.
Step 3 – Proceed with the application process
Next, find out the steps involved to avail a mortgage loan both online and offline and follow the steps accordingly.
Regardless, individuals who intend to avail a loan against property should make it a point to compare the loan against property interest rates offered by different lenders to make an informed decision.
