What is a Mortgage Loan
A mortgage loan is a secured loan and used to purchase or maintain a home, plot of land, or other real estate. A mortgage is an agreement between you and a lender, the lender will use the home as collateral against a possible default in the future. The amount of funding will be up to 70% of the registered value of the property and an interest rate on mortgage loans starts from 9% to 20% p.a.
We provide smooth & hassle-free funding for all types of properties such as residential, commercial, industrial, plots, schools, hospitals, restaurants, godowns, etc. Your property can help fulfill your dreams when you have a financial requirement for business expansion, child's higher studies, wedding or medical emergency. You can transfer your existing Loan Against Property with ease & amazing benefits like the top-up facility and lower interest rates.
How does a Mortgage Loan Work?
A mortgage loan is a contractual agreement where a borrower pledges property to a lender as security for a loan. Borrowers are then required to repay the loan, generally in monthly EMI, which include both the principal amount and mortgage interest rates. Mortgage loans are also known as loans against property and used to purchase or maintain a home, plot of land, or other real estate. There are no foreclosure charges if the loan is paid after 36 months.
Loan Against Property - Eligibility Criteria
Anyone can apply for a Loan Against Property, you need to meet the below criteria:
- Nationality: Resident Indian
- Age: 21 to 65 years
- Income: A stable and regular income source
- Employement: Salaried employees, self-employed individuals, and business owners are eligible
- Credit Score: A CIBIL score of 750 or above improves your chances of approval
Mortgage Loan - Features and Benefits:
- Attractive Interest Rates
- Maximum loan tenures
- Loan amount used to purchase or maintain a home, plot of land, other real estate and business as well as personal needs
- Repay your loan with a smaller monthly EMIs
- You can choose interest rates to pay off your loan with floating rates, fixed interest rates, interest-only mortgage and Payment option ARMs
- Residential and commercial properties are accepted by banks as collateral for mortgage loans
- No hidden charges
- 100% Satisfaction
- Fast, Online and Paperless Process
- Maximum Finance
- Loan Transfer Facilities
- 100% Satisfaction
How to Apply for a Mortgage Loan Online in Pune Cantonment
- Visit Web Online CA Website and Select Loan Against Property Service Fill a simple online Loan Against Property application form with your basic details
- Submit the required documents
- Enter your property location
- Once done, you will receive a call from our team and guide you on the next steps
- The loan amount will be transferred to your bank account on the successful verification of your documents
Document required for Mortgage Loan
- Mandatory Documents: PAN Card or Form 60 (If the customer does not have a PAN Card)
- Identity Proof and Address Proof: Any one of the following documents can be submitted
- Aadhaar card
- Passport, the validity of which has not expired
- Driving license which has not expired
- Election / Voters identification card, NREGA Job card signed by the officer of the State Government
- Income Proof: Salary slips, Latest Form-16 and IT returns, Bank statement
- Property Documents: Sale agreement, property tax receipts
- Approved plan if applicable
Note:The banks have the right to ask for any document for the loan sanctioning and verification process.
Calculate your Loan EMI
Benefits and Features of EMI Calculator
Easy to use: A quick, easy and simple tool to determine your Personal Loan EMI based on the loan amount, interest rate, and tenure.
Accurate Results: It gives exact results for your monthly installment amount, which helps in better financial planning.
Customisable: Change the loan parameters (amount, duration and interest rate) and observe the impact on your EMI amount.
Time-saving: The Personal Loan EMI calculator online is available 24/7, getting immediate results without having to visit a bank branch.
Interest rate comparisons: The calculator helps you to compare different loan offers.
FAQ's About Loan Against Property
What is Loan Against Property (LAP)?
A Loan Against Property is a Secured Loan, where you can mortgage your residential or commercial property to get funds for any purpose, business expansion, child's higher studies, wedding or medical emergency.
Who can apply for a Loan Against Property?
Any Resident Indian salaried or self-employed individual can apply for a Loan Against Property as long as you meet our eligibility criteria.
What types of properties would be considered as collateral for Loan Against Property?
All types of properties such as residential, commercial, industrial, plots, schools, hospitals, restaurants, godowns, etc.
Which documents are required to avail a loan against property?
Along with application form you need Passport / Driving License / Aadhaar Card / Voter's ID card / NREGA JOB Card, PAN Card, Bank statement, Salary Slips and property documents.
What is the interest rate for loan against property?
Loan Against Property interest rates depend on the loan amount and the loan tenure, starting ranges from 8.25% to 24% p.a.
How long will the process for loan approval be?
Loan approval would take 5 working days after submission of the application form and required documents.
Can I foreclose my loan?
Yes, you can foreclose your loan post completion of 12 months. Self-employed individual availing a loan against property with floating interest rate enjoys nil foreclosure charges.
Do I need a guarantor to avail of a loan against property?
Generally you do not need a guarantor. You may require a guarantor or co-applicant if your financial strength is weak.
What is the maximum loan tenure?
We offer Customized EMI repayment options with a maximum loan tenure of 15 years.