Best Mortgage Loan in Mumbai
Mortgage Loan Against Property Interest Rates in Mumbai
|Bank in Mumbai||ROI||Tenure in Year|
|Hdfc Bank||9.50% – 11.00%||7 – 20 Year|
|Axis Bank||9.50% – 10.50%||7 – 20 Year|
|SBI bank||9.50% – 10.50%||5 – 20 Year|
|Citi bank||9.00% – 10.00%||5 – 20 Year|
|PNB Housing Finance||9.50% – 11.00%||5 – 20 Year|
|Icici Bank||9.50% – 11.00%||5 – 20 Year|
|India bulls||10.5% – 11.00%|
Mumbai is one of the growing cities in India Secured Loan against property is the best financial solution for Planning to expand your business loan against property will help accomplish your financial goals without having to worry about the finances. Get the best deal for Mortgage Loan Against Property (LAP) in Mumbai.
Loan Against Property is a long repayment term loan with low interest rate used for personal as well as business need and emerged as a popular funding option for many due to the host of benefits that it offers. Loan against property is a secured loan where you have to mortgage your own residential or commercial property to get the access to immediate loan amount .
Low Rate than Personal Loans: Low Interest as compared to Business loan. LAP is the very low Roi loans after home loans usually in the range of 8.5% – 12.50%
Lower EMI: The rate of interest is lower, Mortgage Loan EMI is very low then personal & business loans.
|Product Features||Loan Against Property||Unsecured Business Loan|
|Maximum Loan amount||Up to 75% of the property value||Rs. 10 lakhs to Rs. 10 crore|
|Loan Tenure||5 – 15 years||1-3 years|
|Interest Rate||8.50% – 12.5%||13.50% onwards|
Salient Features Mortgage Loan Mumbai
Mortgage loan is loan against fully constructed, commercial and freehold residential properties for :
- Business Needs
- Personnel needs, medical expenses and marriage
- You can transfer your outstanding loan availed from other financial institution or other bank in Mortgage loan
Mortgage loan has small EMIs and Longer tenure
Have attractive interest rates
Simple and easy documentation
You can repay simply by monthly installments in Mortgage loan
Integrated Branch network
Best servicing for the loan anywhere in INDIA
Mortgage Loan Reducing Term Assurance (MRTA): The term MRTA protects the applicant’s and their family from paying off the applicant’s debt if in applicant is sudden demise.
For Mortgage Loan banks also provides an option i.e. intra balance transfer which allows their customer to transfer one to another comparatively at lowest rates.
It also gives customers an option they can easily applying for top up along with balance transfer option.
These are the following features of loan against property,Mumbai
- On the ground of the accessibility of the security, the loan against property loan formality is processed quicker as compared to other loans.
- There are no penalties or charges if you want to make prepayment of loan amount. You can pay the loan amount without any tension whenever you have sufficient money for pre-closing the loan without ny extra payment
- Unlike home loan if the property is at mortgage ,the ownership of the property remains with the borrowers and not go to bank.If the borrower fails to pay the loan ,he can sell the part of the property on his own to repay the loan amount
- Loan against property considered as a god option for the borrowers who are looking for high loan amount with low interest rate.It also offer long repayment loan amount tenure
Instead of letting our property idle keep work on it. Apply for a loan against your property with help of Fynamics and use it for any purpose as you need like business needs and acquiring assets. This loan can be against existing residential and commercial property or plot, the loan can be avail from 5 lakhs – up to 10 Cr.
- Loan for Purchase of Commercial Property In Mumbai:
Mortgage loan avail the purchase of Commercial property loans to purchase fully ready or under construction. Avail of Mortgage loan is from ` 5 Lacs up to 100 Cr. There are two variants under these terms
- Loan to purchase readymade commercial property
- Loan to purchase Under-development property
- Lease Rental Discounting
This term enables customer to en cash your current rental cash flows. You may be use funds for Business Expansion, Business Capital Requirements etc.
Property Loan Baroda
The best basic purpose for mortgage loan is usually taken are meeting individual requirements like spread business, education needs, accruing assets, marriage by mortgage property plot.
- Purpose for granting
- Medical emergency
- Some extensive personal expenses either wedding or vacation
- Child education
- Most important Business Expansion
- Purpose for Not Granting
- Purchasing of home and construction
- Home decor and renovation
- Plot purchase
Eligibility for Mortgage Loan in Mumbai
If you are applying for Mortgage Loan in Mumbai then in order to this you need to fulfill some minimum eligibility criteria in this following factors are considered
- What is total income
- Must be minimum age of 21 years
- Number of dependents on you
- Is there any existing liabilities
- Total work experience including current job
- Your financial documents
- For mortgage loan both salaried and self-employed individuals are eligible.
Documents Require Loan Against Property (LAP) Mumbai
Documents differ for both salaried and self-employed.
- If you are salaried individuals you have to need submit following documents :
- A filled loan application form with passport size photos
- For Identity proof need voter card, driving license, PAN card, Passport etc.
- For Address proof need Aadhar Card, Telephone and electricity bill, Raashan Card etc.
- Latest Salary Slip with latest Form 16 issued by employer
- 6 Months bank statements
- Processing fee cheque.
- If you are Self-employed you have to need submit following documents :
- Application form with recent passport size photographs
- ID Proof
- Proof of existence of Business
- Education Qualification Proofs
- Last 3 Years Certified financial statements
- Last 3 year profit and loss statements
- Bank statement of last six month
- Processing fees
Types of Interests Rates for Mortgage loans Mumbai
Interest rates applicable for mortgage loans in India are several types.
- Fixed Rate Mortgage (FRM) :
In Fixed Rate you need to pay the same amount and fixed rate of interest for whole loan tenure. You can’t opt for interest change.
- Adjustable Rate Mortgage (ARM) :
In other hand Adjustable Rate Mortgage interest rates changes as per economic fluctuation.
Process for Mortgage loans
Normally for the Mortgage loan following steps involve in complete process :
- Collection of Essential documents for loan process
- Credit appraisals from bank
- After credit check and verification of information loan sanction will be provide
- Delivery of sanction letter by post or on Email-id
- Request for disbursal
- All Property documents collection by bank
- Legally examined of documents
- After successful verification a disbursement cheque must be prepared and delivered
Loan against Property Features and Benefits
- Mortgage is cost effective of borrowing normally you can take for long time period and may be repayment by using just smaller monthly EMIs.
- This loans charge lower ROI on borrowings amount than other loans. Obviously this is secured loan and secured against property.
- Mortgage loan is a secured loan. It is secured against your property. The bank or lender has the right to repossess your property if you can’t repay your loan.
- If you can afford to buy home then this loans help you to buy own house, you may get this loan against constructed property and commercial properties
- Repay your loan in with simple repayment process as monthly EMI’s
- Received Funds can be used for both personal and business