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What are Mortgage Loans?
Balance transfer loans are used by customers
who wish to mortgage their property on an attractive rate
of interest from the banks like
Dena Bank, Bank of India, Citibank etc.. The mortgage
loan allows the borrower to apply for loan against a fixed
asset of his/her.
Eligibility:
- Business Men
- Self Employed Professional
- Salaried Customers
Maximum Loan:
The maximum amount of the loan depends on
few factors that include: customer's profile, financial background,
repayment capacity, and of course the home
loan tenure which takes into calculation the retirement
age as well. The repayment is generally done in EMIs.
Type of Interest:
Floating or Fixed. The mortgage loan is calculated on those
two interest types. Interest rates can be reduced as well,
for existing clients or in special cases, according to the
policies of the bank.
Process of Home Extension Loans Application:
Customers can fill online application forms or personally
visit the bank for approval of loan. A nominal fee of 1-2%
is charged as processing by the banks.
Documents Required by Banks for the approval of Mortgage
loans:
Salaried customers:
1. Application form with photograph
2. Identification and Residence proof
3. Latest salary slip
4. Form16
5. Last 6 months bank's statement
6. Processing fee cheque.
Businessman/ Self employed professional:
1. Application form with photograph
2. Educational qualification
3. Identity and residence proof
4. Proof of business existence with business profile and last
three years income tax return
5. Last 3 years income statement and balance sheet.
6. Last 3 month's personal and business bank statements.
7. Other Mandatory Documents (Sole Proprietorship. Declaration.
Or Certificate. Copy of Partnership Deed, Cert. Copy of MOA,
AOA & Board resolution.)
8. Processing fee check
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