Mortgage Loans (MTL)
What Is a Mortgage Loan? A mortgage is a loan used to purchase or maintain a home, plot of land, or other real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments divided into principal and interest(EMI’s). The property then serves as collateral to secure the loan.
Eligibility Criteria:
- Income: You should have a stable source of income to meet the loan repayment(EMI) obligations.
- Credit History: A good credit history is preferred.
- Employment: You should be employed with a reputable organization or be self-employed with a stable income.
Loan Amount and Interest Rate:
The loan amount and interest rate may vary depending on several factors, including:
- Property Value: The value of the property you intend to purchase will determine the maximum loan amount you can avail.
- Income: Your income level will influence the loan amount you can qualify for.
- Credit Score: A higher credit score may lead to quick approval.
- Market Interest Rates: The prevailing market interest rates will also affect the interest rate.
Documentation Required:
- 1. Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights).
- 2. Latest Rent receipts in original.
- 3. KYC Documents of applicant along with sureties/guarantors.
- 4. PAN card if available.
- 5. Photographs of self and joint holders of the property.
- 6. Municipal plan if any.
- 7. Income tax returns for the last three years in case of an assessee.
- 8. Income proof (salary certificate latest).
- 9. Three years balance sheet and profit and loss account in case of business units.
- 10. Project report in case of a new project.
- 11. Quotation for the machinery in case of purchase of machinery or vehicle.
To apply for a Mortgage Loan, you can visit the nearest branch of Kanaka Mahalakshmi Cooperative Bank.