Application For Disbursement Of Mortgage Loan: Fill & Download for Free

If you’re talking about the factors that affect your eligibility for a mortgage loan, here are they:Your credit scoreYour existing debt obligationsYour incomeYour employment statusNature, ownership and value of propertyIf you’re talking about the factors you need to consider when taking a mortgage loan, they are as follows:Loan Amount: Lenders usually fund up to a maximum of 70% of the property’s value, but the loan amount also depends on your income and some other eligibility factors.Loan Tenure: Most lenders offer a flexible repayment tenure of up to 15 years. While a longer loan tenure makes your EMIs smaller, a longer tenure also increases the cost of borrowing.Processing fee and charges - Other costs such as insurance will also be added to your monthly EMI. The processing fees are collected upfront at the time of disbursement.Many lenders also offer online application and disbursal of loan.

According to the Banking Guidelines in India, any loan lesser than 20 lakhs has a turnaround time of 30 days for the sanction, provided a duly filled application and a complete set of relevant documents are available. The time for loans of a higher amount may vary among lenders. The standard documentation for mortgage loans include:KYC documents - PAN, ID and address proofincome proofBank statements of the past 6 monthsagreement of saleregistration of the propertyproperty valuation reporta certificate stating that the property is free of any encumbrance or litigation.The time for the approval of a mortgage loan also depends upon your eligibility and creditworthiness. The lender wants to be sure of your repayment ability and takes time in document verification and validation. The main thing which takes time is verification of the property and obtaining adequate documentation of the same. An application made through online mode may get faster approval and loan disbursement. Generally, your mortgage loan takes around 7-15 days for sanctioning after submitting the complete application form.Your choice of lender also affects your mortgage loan approval period. Private sector banks and NBFCs generally approve the loan in less time than the government lending institutions. It would help if you did your background study well to shortlist a few lenders with proper credentials, and accordingly, you may make an application.

When I was planning to take a mortgage loan a few years back, I did a lot of research about them to find out which one will be best for me. I got in touch with my financial expert and he explained me in detail the different types of mortgage loans available in India and the one that will be best for me. Mortgage loans can broadly be divided into 6 categories. Read below:1- Simple Mortgage: In this type of mortgage, the borrower can simply mortgage his immovable assets to avail the loan. In case he fails to repay, the lender has full right to sell the mortgaged property.2-Usufructuary Mortgage: Here, the lender gets property possession so that he can receive rent or profits from the property, without having any personal liability on the borrower.3-English Mortgage: In this type of mortgage, there is a personal liability on the borrower. When the mortgaged property is transferred to the borrower, it is done on a condition that full recovery will be done through successful loan repayment.4- Mortgage By Conditional Sale: In this case, the mortgagor sells his property on a condition that it will become effective if he fails to pay back. This however turns void on successful repayment.5-Mortgage By Title Deed Deposit: Here the borrower simply deposits the title deed of the property that is to be mortgaged against the loan that he avails.6-Anomalous Mortgage: A mortgage that doesn’t come under any of the above categories is considered as an anomalous mortgage.When I applied for a mortgage loan years back, I did it through Bajaj Finserv, but only after a thorough research and comparing the benefits offered by other financial institutes like ICICI and HDFC. Compared to others, the application process at Bajaj Finserv was very simple, through online mode, where I filled in an online loan against property application form. It was approved within 48 hours and loan was disbursed to my account within 4 days.