A mortgage loan enables individuals to get a sizeable amount of credit by keeping their property as a security or collateral to the lending institution. They can release your mortgaged property after paying off all the loan dues. With the online application process, getting these loans has become convenient. Individuals need to know the factors that can ensure a quick loan approval so that they can meet their needs of finance instantly.
Checklist for Getting A Mortgage Loan Effortlessly
Here are some of the aspects individuals need to ensure to get their mortgaged loan approved quickly:
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Ensure a stable income source
Income source is one of the major aspects that lending institutions examine properly to know that the applicant can pay off their liabilities timely and will not default. Individuals can get their mortgage loan approved quickly if they have a stable income source.
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Maintain a healthy debt-to-income ratio
The debt-to-income ratio measures the extent of loan obligations an individual has against their total monthly income. They need to have a lower debt-to-income ratio to ensure quick approval on their mortgage loan requests.
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Meet the eligibility criteria
Every lending institution has eligibility criteria that indicate the minimum age, income, credit score, etc., individuals must possess to get the loan application approved. This ensures that the applicant can easily pay off the loan and will not default repayment. In this regard, individuals need to be aware of how their credit score influences the eligibility for loans against a mortgaged property.
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Check pre-approved offers
Major financial institutions provide personalised pre-approved offers to their customers on their products, including home loans and loans against property. It significantly reduces the time of loan application procedures. Customers need to mention their names and contact details to check their pre-approved offers.
Individuals need to meet these aspects to ensure a quick and effortless mortgage loan approval. Apart from these, they also need to have a clear idea about the eligibility requirements of mortgage loans.
Eligibility Criteria for A Mortgaged Loan
Although the eligibility requirement of a mortgage loan differs across the lending institutions, here are the basic parameters applicants must meet to get this credit facility:
For salaried individuals:
- Citizenship: Indian
- Experience: 3 years of experience as a working professional
- Age: 23-62 years
For self-employed individuals:
- Citizenship: Residents of India
- Age: 25 -70 years
Self-employed individuals need to prove that they have a steady income source to the loan relationship manager. They can get their requested credit at an affordable mortgage loan interest rate by meeting these eligibility requirements properly.
After meeting eligibility requirements, they need to apply for a mortgage loan to meet their financial requirements quickly.
How to Apply for A Mortgage Loan Online
Here are the steps individuals need to undergo to complete their application process for mortgaged loan:
- Go to the official website of your preferred lending institution
- Find the application form for the mortgage loan
- Fill in that form with personal, income, and employment details and state your required loan amount
- Submit the duly filled-in application form
Upon completing these steps, applicants will receive a call from the lending institution. They will direct them about following procedures. At this stage, the lender also asks individuals to submit necessary documents for verification.
Documents Required for A Mortgaged Loan
Intending borrowers need to keep the following documents handy while applying for this loan against property:
- KYC documents: Voter ID card, Aadhaar card, passport, etc.
- Documents of the property to be mortgaged
- Income documents: ITR records, salary slip, etc.
- Other documents as required by the lender
After verifying all these documents and appraising the property, lending institutions approve the loan requests of their customers.
This way, individuals can meet their big-ticket expenses quite easily. They can utilise this credit amount to meet any of their financial requirements as it has no restriction on end-usage. In fact, the interest rate is also affordable in this loan. However, the interest rate is not the only factor that increases the loan liabilities of individuals. They must be aware of all the charges associated with this loan against property.
In conclusion, the mortgage loan is one of the most effortless and quickest ways to raise capital for impending expenses. For this, borrowers only have to meet eligibility requirement designated by the lenders and mortgage an immovable asset.