Mortgage Loan

A mortgage loan is typically a money advance or debt instrument given by a bank against property or valuable like gold. This is a secured loan with a lower rate of interest compared to a personal loan. The bank or financial institution has a collateral against the money they have advanced the client. On failing to repay the amount with interest the client will forfeit the collateral to the financial institute.

In mortgage loan, the bank or financial institute evaluates the property or collateral that has been put up as the mortgage. After evaluation, a percentage of the value is given to the client and tenure is fixed for the repayment of the amount advanced.

Eligibility for Mortgage Loans

The typical eligibility criteria to avail Loan against property are:

  • You must be an Indian national
  • You should be at least 21 years at the time of submission of the loan application
  • You must have been employed by the current organization or should beinvolved in the current business for a specific number of years
  • You must earn the minimum required salary as well as have the minimum monthly repaying capacity
  • You should have a good credit history with a proven track record of timely loan EMI and credit card bill repayment. This factor may help you secure a lower interest rate and reduce loan application processing time too.

Documents Required for Mortgage Loans

For salaried individuals


  • Proof of identity and residence proof such as  Aadhaar Card, Voter ID Card
  • Salary slips of past 3 months
  • Form-16 issued by the current employer
  • Bank statements of salary account for the previous six months
  • A cheque covering the administrative costs/processing fees incurred by thebank in processing the application

For Self-employed Businesspersons


  • Proof of identity and residence proof
  • Educational qualification certificates, degrees, diplomas, and other academiccredentials
  • IT Returns of the three years preceding the one in which loan is applied for
  • Bank statements of six months preceding the one in which loan is applied for

For Self-employed Professionals


  • Identity and Address proof documentation
  • Certificates that prove your academic qualifications/credentials
  • All registration/licensing certificate pertaining to your profession
  • Business existence proof/business profile details
  • Previous 3 years’ balance sheets as well as Profit & Loss Statement of the company.
  • Acknowledged Income Tax statements of the company and self for the previous 3 years
  • Last 6 months’ bank statement