Residential Property -Most of the banks need the area of the to be minimum 400 sft built-up.
Commercial Property [shop] -Most of the banks need the area of the to be minimum 200 sft built-up.
Commercial Property [office] -Most of the banks need the area of the to be minimum 400 sft built-up.
The property needs to be legal i.e.: the structure needs to be authorized it needs
The Documents needed for the mortgage of the property [residential / commercial] In case the property is in a society; we would need…
(Photocopy of the plan, CC, OC & society registration certificate is required; these are available with the society, It is the right of the seller / buyer to have a photocopy of these documents)
If the property is still in possession of Builder the NOC from the builder would be needed from the builder.
Society NOC: Almost all banks ask for society NOC in their formats. To obtain this all the dues & transfer charges of the society needs to be cleared. It is mandatory for the committee to issue the NOC in the prescribed banks format under Maharashtra Co-operative Society Act, 1960 u/s 79(2) (a)
Explanation- It is the percentage of “Loan Amount” that can be provided with respect to the Value of the Property.
Example – If the cost of property is Rs. 10, 00,000/- & we provide a loan of 80% which amounts to Rs.8, 00,000/- . In this case the Loan to Value Ratio [LTV] is 80%.
It is also called Loan to Cost Ratio [LCR]
The LTV is calculated on the Cost of Property [COP]
COP = Agreement Value + Stamp Duty + Registration.
Most of the Banks now a day’s do not exceed LTV of 70%. for residential properties .. the LTV for vacant & rented properties is approximately 5% to 10% lower than the LTV provided for self owned properties.
Most of the Banks now a day’s do not exceed LTV of 55%. for residential properties .. the LTV for vacant & rented properties is approximately 5% to 10% lower than the LTV provided for self owned properties.
[LTV is the prerogative of the respective banks. Please confirm with them before applying.]
Salaried – Resident Indian 1year to 25years (different banks have different tenors, but 25 years is the max.)
Business Person & Professionals – 1year to 20 years
Salaried – minimum entry age is 21 years and maximum exit age is 60 years.
Self employed – minimum entry age is 25 years and maximum exit age is 65 years.
Every bank’s have demarcated their Geographical Limits and are comfortable lending in those areas this is mainly due to collection restrictions.
Unlike Home loan there is no Tax Benefit for a salaried person for a Mortgage Loan taken against property. A business person can show the principle and interest paid on the loan taken against property on the expense side and thus availed Tax Benefit.
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