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Monday 13 September 2021

What is bank mortgage loan?

What is bank mortgage loan?

A mortgage loan is a type of secured loan where you can avail funds by providing your asset as collateral to the lender. ... A mortgage is usually a loan sanctioned against an immovable asset like a house or a commercial property. The lender keeps the asset as collateral until the borrower repays the total loan amount.

How do I get a mortgage from the bank?

How to apply for a Mortgage Loan?
  1. Step 1 : Fill the online loan against property application form.
  2. Step 2 : Our representative will get in touch with you within 24 hours.
  3. Step 3 : Get approval for your loan in 48 hours.
  4. Step 4 : Submit your documents to our representative.

How can I get home loan from Indian Bank?

Documents Required to Apply for Indian Bank Home Loans
  1. Completed loan application.
  2. 3 Passport size photographs.
  3. Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  4. Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)

Who can apply for mortgage loan?


Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property. Minimum age - 18 years and maximum age - 75 years. Individuals may apply singly or jointly with other eligible individuals.

What are the documents required for mortgage loan?

Products shown are principal and interest home loans available for a loan amount of $350K in NSW with an LVR of 80% of the property value.
1. Personal identification
  • Current passport.
  • Driver's licence.
  • Photo ID such as a Proof of Age Card, Australian tertiary institution ID card, or Waterways/Boat License.

What is the age limit for mortgage loan?

Home Loan Eligibility Criteria

Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years. Age Limit for Salaried Individuals: 21 to 65 years .

What proof of income do I need for a mortgage?

Proof of Income for a Mortgage Loan

You'll have to provide your latest pay stubs, as well as two years of tax returns and W-2 forms. Though you must provide two years of tax returns, lenders don't actually require that you be at the same job for two full years.

How do you know when your mortgage loan is approved?

How do you know when your mortgage loan is approved? Typically, your loan officer will call or email you once your loan is approved. Sometimes, your loan processor will pass along the good news.