| Interest Rates of the Bank on Mortgage loans:
Interest can be compensated either on floating or fixed basis. Banks charge major lending rate as their interest. Interest charge can be economical for existing clients or in particular cases according to the bank policies.
Process of getting a Mortgage Loan:
Customers could apply for a mortgage loan by filling an online application form. They can also go to the nearest branch of the particular bank. Usually, banks charge 1 to 2% of the real loan amount as dispensation fee.
Documents Required for Approval of Mortgage Loans:
Salaried Individuals:
- 1.Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
- 2.Address Proof (Ration card Tel/elect. Bill/ / Passport copy)
- 3.Bank Statements(latest 6 months bank statement /passbook)
- 4.Latest salary slip or current dated salary certificate with latest Form 16
- 5.Proof of ownership of fixed asset being mortgaged
Self Employed Professionals and Businessmen:
- 1.Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
- 2.Address Proof (Ration card Tel/electricity Bill/ Passport )
- 3.Bank Statements(latest 6 months bank statement /passbook)
- 4.Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
- 5.Qualification proof of the highest professional degree
- 6.Proof of continuation (Trade license /Establishment /Sales Tax certificate)
- 7.Other Mandatory Documents(Sole Proprietorship. Declaration. Or Certificate. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)
- 8.Proof of ownership of fixed asset being mortgaged
List of Leading Banks Offering Mortgage Loans:
- Bank of India - BIO Star Mortgage Scheme
- United Bank of India - United Mortgage Scheme
- Bank Of Baroda - Baroda Advance Against Property
- State Bank of Mysore - Equitable Mortgage of Property
- Union Bank of India - Union Mortgage Scheme
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Home Loans
