Avail mortgage loan in Jaipur, a mortgage loan is one in which you secure funds by pledging your property. The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Our mortgage loan agency in Jaipur will provide you the loan at the very low interest rate. Usually, the amount of funding you can avail will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 crore. The repayment tenure for mortgage loans can be up to 15 years.
A mortgage loan is a type of secured loan that you can avail by keeping an immovable asset as mortgage with the lender. The asset can be a residential/commercial property or other immovable properties like heavy machinery.
This type of loan is secured on the borrower’s property as per process which is called mortgage origination. Such loans are long-term advances with repayment tenors ranging from 15 – 20 years and interest rates much lower compared to unsecured advances. You can utilise the loan amount to meet diverse funding needs involving big-ticket expenditures.
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Munafawala facilitates you to access a higher loan amount at affordable Mortgage Loan interest rates. Salaried personnel can avail up to Rs.1 crore, while self-employed individuals can get a loan of up to Rs.3.5 crore.
With minimal documentation and quick processing, the application for your loan is completed in just 4 days, making this the fastest Loan Against Property. You can also avail doorstep service for submitting your mortgage loan documents.
Salaried individuals can avail a suitable tenor ranging from 2 to 20 years to repay the loan conveniently. Self-employed individuals can select a tenor of up to 18 years to repay the loan. You can part-prepay or prepay your loan anytime at minimal charges.
You can easily transfer your existing mortgage loan to Munafawala and get a high-value top-up loan.
A mortgage loan comes with the following attractive features and benefits:
To get approved for a mortgage loan, you need to fulfil the eligibility criteria set by banks and financial institutions. While the criteria may vary from bank to bank, listed below are general factors that determine your eligibility:
Whether you’re salaried or self-employed, you’re eligible for a mortgage loan.
| Lender | Interest Rate (p.a.) | Loan Amount | Loan Tenure |
|---|---|---|---|
| HDFC Bank | 8.75% Onwards | Up to 60% of the mortgaged property’s market value | Up to 15 years |
| ICICI Bank | 9.40% Onwards | Up to Rs.5 crore | Up to 15 years |
| State Bank of India (SBI) | 1.60% above 1-year MCLR rate to 2.50% above 1-year MCLR rate | Up to Rs.7.5 crore | Up to 15 years |
| Axis Bank | 10.50% Onwards | Up to Rs.5 crore | Up to 20 years |
| Citibank | 8.15% Onwards | Up to Rs.5 crore | Up to 15 years |
| HSBC Bank | 8.80% Onwards | Up to Rs.10 crore | Up to 15 years |
| PNB Housing Finance | 9.80% Onwards | Up to 60% of the property’s market value | Up to 15 years |
| IDFC Bank | Up to 11.80% | Up to Rs.5 crore | Up to 15 years |
| Karur Vysya Bank | 10.00% Onwards | Up to Rs.3 crore | Up to 100 months |
The documentation required for the loan application varies based on your employment status i.e., self-employed or salaried.
| For Self-employed Applicant/Co-applicant | For Salaried Applicant/Co-applicant |
|---|---|
| Duly filled loan application form | Duly filled loan application form |
| Passport-size photograph | Passport-size photographs |
| Identity proof (PAN card, Aaadhar card, passport, driving licence, voter ID card, etc.) | Identity proof (PAN card, Aaadhar card, passport, driving licence, voter ID card, etc.) |
| Business proof | Address proof (electricity bill, ration card, Aaadhar card, driving licence, rental agreement) |
| Financial statements for the last 3 years | Latest salary slips |
| Latest income tax return certificates (last 3 years) | Form 16 issued by employer |
| Profit and loss statement (P&L) | Latest bank statements |
| Latest bank statements | Processing fee cheque |
| Cheque for processing fee |
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
Yes. The sanctioned loan amount can be used for a wide range of financial needs, both personal and business. However, it’s important to understand what expenses can be catered to with this loan. Read the fine print and if you have any queries, get in touch with the lender for additional information. For instance, some banks don’t offer a mortgage loan for individuals who are involved in property development.
The type of borrower who can apply for this loan varies from bank to bank. For instance, most banks offer this loan for both salaried and self-employed individuals. Resident Indians and NRIs are also eligible for a mortgage loan. However, there may be additional criteria you’ll have to meet to be eligible for a mortgage loan.
The margin offered against your property differs from bank to bank, and also the type of property you’re submitting as collateral. The average margin offered by banks and financial institutions is between 40% and 60%. Some banks also offer a 70% margin.
Most banks require you to submit either residential (flat, house) or commercial property (building, building with land) as collateral. In some cases, you can also pledge your plot of land as security. However, this has to be non-agricultural land. You cannot use your industrial or agricultural property as security for a LAP.
You can either make your payments with post-dated cheques or opt for a standing instruction like NACH. This ensures you don’t miss your due date and pay your outstanding balance on time. If you miss your payment, you will be charged a penalty fee.
Yes, you can foreclose your mortgage loan. However, you will have to clear the entire loan amount before requesting for foreclosure. Do note that banks charge a certain amount as pre-closure fees. The amount varies from lender to lender, so ensure you’re aware of all the charges before proceeding with foreclosure of your mortgage loan.
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