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Housing Loan FAQs

Who can avail a Mortgage Loan?

Both Salaried as well as Self-Employed people can avail Mortgage Loan, irrespective of the income.

Which factors determine the eligibility of a mortgage loan?

The general factors taken into account while determining the eligibility of loan against property are listed below:
1. Income
2. Age (Min. 21 Years)
3. Property Valuation
4. Existing Liabilities (if any)
5. Current Work Experience
6. Financial Documents
7. Number of Dependants

How much loan can I get?

You can get a LAP up to 80% of the registered value of your property depending on the Bank’s policy and the property type and valuation.

What is the difference between a Home Loan and Loan against Property?

There is a huge difference between a Home Loan and a Loan against property. Home Loan is taken only for the purpose of buying a residential property whereas a Loan against Property can be taken for any purpose.

What are the stages involved in availing the loan?

1. Application
2. Processing
3. Documentation
4. Verification/Valuation
5. Sanctioning of the Loan
6. Disbursement

Is there any processing fee charged by the Bank?

Yes, a nominal fees and charges are to be paid to the Bank depending upon their term and conditions.

How much time does the Bank take to disburse the loan?

The processing of the loans usually takes 7 to 10 working days once all the documents are submitted. It also depends upon your profile and documentation.

How can I repay my loan?

The repayment of loan is done through Equated Monthly Installments. It can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS)





















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