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Loan Rates in Tamilnadu

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Loan Against Property

How to Get a Mortgage Loan in TAMILNADU?

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Know your loan eligibility

Wondering how much you can borrow? We can help you with that. Your loan amount is determined by your Fixed Obligations to Income Ratio (FOIR) or Debt-Service Coverage Ratio (DSCR) or Self Assessment Ratio implemented by banks and Financial Institutions. Reach out to us, so you can find out your loan eligibility quickly.

Get your In-Principle Approval (IPA)

Gone are the days when you’d have to visit banks for your In-Principle Approval. We’ve streamlined the process to make it easier and faster for you to get one. Simply gather the required documents, submit everything to us and wait for approval.

Apply for Mortgage loan

Once you get your IPA, you’re all set for the next step – getting the best mortgage loan in TAMILNADU. With the help of our knowledgeable Mortgage Specialists, you can be confident that you’ll be getting the highest cash out amount at the lowest interest rates.

Mortgage Loan / Loan Against Property / Home Equity Loan

Are you looking to start a new business?
Do you require long term working capital to expand your existing business?
Want to send your children for higher education or get them married?
Manage medical expenses?

If your answer is a ‘Yes’, then we offer the perfect solution for you. Now, use immoveable property as per your financial requirements. Mortgage Loan, a multi-purpose loan you can avail to meet your financial requirements. Banks/NBFCs offer mortgage loan not only against constructed residential or commercial properties but also against plot of land.

Financing your child’s education, managing your wedding expenses, expanding your business, or even handling unforeseen medical expenses, a mortgage loan from Banks/NBFCs enables you to do it all. Banks/NBFCs offer customized Mortgage Loan to salaried and self-employed professionals (SEPs) and non professionals (SENPs) and also Non Resident Indians (NRIs).

Understanding the importance of financial inclusion, BankVallet.com compares major Banks/NBFCs Mortgage Loan/Loan Against Property/Home Equity Loan products at low rate of interest, unique features and maximum tenure basis. If you add co-applicant to increase maximum loan amount and reduce rate of interest.

Mortgage Loan amount starting from Rs.5 Lakhs and maximum of Rs.10 crore.

Loan Options

Bank/NBFCs provides a wide array of loan options for property to their borrowers
Loan against property to SMEs

Banks/NBFCs provides loans against residential property and commercial property to Small and Medium Enterprises (SMEs)

Loan against
plots

Banks/NBFCs give loans against residential plots.

Loans for
property

Banks/NBFCs sanctions loans for purchase of residential and commercial properties.

Lease Rental
Discounting

You can use rental income to obtain a loan from Banks/NBFCs

Who can Apply?

Primary
Applicant

AGE

21-65 years

PROFESSION

Salaried/Self Employed

NATIONALITY

Resident Indian

GENDER

All Gender

Co-Applicant(s)

Adding Co-Applicant helps in maximizing the loan amount

Adding Women Co-Owner helps in getting better interest rate

All co-applicants need not be Co-Owners. Generally co-applicants are close family members.

Mortgage Loan - Key Benefits and Features

Lower rate of interest:

Mortgage Loan is a secured loan owing to which the rates of interest are lower. Secured loans usually have a lower rate of interest when compared to unsecured loans. In addition to that, if you have a good credit score and credit history, the chances of you getting a loan at a low rate of interest goes up.

Simple documentation and approval process:

The process of documentation and approval of loans is generally simple when it comes to a mortgage loan. The loan application goes through a comparatively lighter scrutiny as these are secured loans. The property against which the loan is availed acts as collateral in this case. This allows lenders to go forward with an easy documentation process. The approval rates are also usually higher in these cases.

Flexibility in repayment of the loan:

Most mortgage loan offer flexible loan repayment tenure. On the basis of the lender that you choose, you can avail loan repayment tenure of as long as 20 years. The usual loan repayment tenure generally lasts between 10 to 15 years. This gives you ample time to plan your finances and repay the loan on time.

Continuous ownership of the property:

In case of a mortgage loan, the ownership of the property is retained with the borrower. When you offer your property as collateral for a loan, the ownership does not change. This also allows you to sell the property in case you are unable to repay the loan.

Availability of pre-closure option:

You have the option to pre-close your mortgage loan if you wish to do the same. If the loan that you have availed comes with a variable interest rate, you will not be required to pay any penalties for the pre-closure of the loan. However, you will be required to pay a nominal amount if your loan was on fixed interest rate.

Optimal utilization of the property:

In case you avail a loan and you have a property which you offer as collateral, you get to satisfy your financial needs with the loan amount which will be at par with the property. At the same time, you also get to retain your property. You can decide to not sell your property and still avail enough money to meet your requirements. That too at affordable rates of interest.

Types of Mortgage Loan

  • Loan Against Property
  • Lease Rental Discounting
  • Overdraft Facility Against Property
  • Reverse Mortgage Loan
Loan Against Property

Avail up to 20 years loan tenure

Balance Transfer

Loans starting from Rs 5 lakhs

Attractive Interest Rates

  • Get a loan on different kinds of property

    • Avail loan against your commercial property, residential property, or a loan to purchase a commercial property.

  • Avail attractive interest rates

    • Get interest rates starting as low as 11.0%.

  • Transfer your existing loan

    • Carry over your existing loan to other Banks/NBFCs and get additional refinance.

  • BankVallet comfortably with doorstep service

    • Apply for and handle your loan from the comfort of your home or office with service at your doorstep.

  • Avail extra benefit

    • Get lease rental discounting and overdraft facility against your property.

  • Higher Market Value of your property (LTV) – up to 80%

    • Loan sanction of up to 80% market value against Residential Property and Loan sanction of up to 70% market value against Commercial property and Loan sanction of up to 60% of Industrial property and also Loan sanction of up to 50% of Empty lands (plots).

Lease Rental Discounting

Longer Tenure of up to 10 years

Balance Transfer

Minimum Loan Amount Rs. 5 Lakhs

Attractive Interest Rates

  • What is Lease Rental Discounting?

    Lease Rental Discounting is a term loan offered against rental receipts obtained from leased contracts from corporate and individual tenants.

  • Long-term solution!

    You can get loan term tenures up to 10 years. Subject to the balance lease term.

  • Realize your dreams faster!

    Get funding on your rented commercial property.

  • Applicable for Salaried and Self Employed Individuals, Firms and Companies!

    Ideal for individuals, firms and companies whose major sources of income are rentals with lessee’s being established companies and individual tenants.

  • Avail attractive interest rates!

    Starting as low as 11% p.a.

  • Transfer your existing loan

    You can carry over an existing loan to other Banks/NBFCs and get additional refinance.

Overdraft Facility Against Property

Interest Savings with Overdraft

Balance Transfer

Minimum Loan Amount Rs. 5 Lakhs

Attractive Interest Rates

  • Facilitate your working capital requirements

    Enjoy a credit limit that you can use anytime.

  • Perfectly meets requirements of Resident Indian Self Employed Individuals – Professionals & Businessmen

    Major Banks offers Dropline OD to meet the fluctuating requirement of self-employed individuals – professionals and Businessmen.

  • Credit limit dependant on value of property

    Higher credit limit as per the value of property

  • Renewal of overdraft limit every 12 months

    You can renew overdraft limit every 12 months as per repayment schedule.

  • Pay interest only on utilized limit

    Pay interest only on limit and time utilized

  • Convenient Repayment Terms

    Repayment up to 15 years. Repayment through inflows into the account.

  • Choose your overdraft type as per your convenience

    Overdraft can be Evergreen (fixed) or Dropline (reducing)

  • Transfer your existing loan

    You can carry over an existing loan to other Banks/NBFCs and get additional refinance.

  • Higher loan eligibility based on banking behavior and income documents

    Loans also granted by considering the average bank balances and income documents.

Reverse Mortgage Loan

Receive benefit of Loan Payments

Minimum Loan Amount Rs. 5 Lakhs

Attractive Interest Rates

  • Loan to senior citizens who own a built up property

    Loan extended to senior citizens who own a built up property in which he/she resides.

  • Benefit from equity of your homes without selling and without making payments on a loan

    Senior borrowers can stay in their homes and continue holding ownership of the property.

  • Terms and conditions
  • Loan payments made by Banks/NBFCs to borrower

    The loan can be extended as regular monthly, quarterly, half yearly or lump sum annual periodic advances.

  • Avail of attractive interest rates

    Starting from 11.0% p.a.

YOUR SHOULD TO KNOW MORE ABOUT MORTGAGE LOAN
Repayment:

Maximum repayment period is 15 years. The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of Banks/NBFCs.

Security:

loan shall be secured by way of mortgage of residential/commercial/industrial property in favor of Banks/NBFCs.

Settlement of Loan:

The loan shall be become due and payable only when the last surviving borrower dies, sells the home, or permanently moves out of the home.

The borrowers or his/her/their heirs will have an option to settle the loan along with accumulated interest, without sale of property.

Insurance:

Customer can avail Property and Personal Accident insurance cover as per the guidelines and arrangements with the insurer/underwriter.

Other Conditions:

Banks/NBFCs reserve the right to reject any application without assigning reasons thereof. The applicant will undertake to inform the Banks/NBFCs as and when there is a change in address or employment. The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Banks/NBFCs discretion.

Mortgage Loan Details

You can apply individually or jointly for a Mortgage Loan. All owners of the property will have to be co-applicants.

Classification of Self Employed Customers
Self Employed Professional (SEP) Self Employed Non-Professional (SENP)
Doctor Manufacturer
Lawyer Trader
Chartered Accountant Service Provider
Architect Commision Agent
Consultant Contractor Etc.
Engineer
Company Secretary, Etc.
What's the maximum funding and the loan payment term?
Loan Amount Maximum Funding**
Self Occupied Residential Property (SORP) 70% - 80% of the property cost
Tenant Occupied Residential Property (TORP) 65% - 70% of the property cost
Self Occupied Commercial Property (SOCP) 60% - 70% of the property cost
Tenant Occupied Commercial Property (TOCP) 55% - 60% of the property cost
Warehouse and Industrial Property 45% - 50% of the property cost
Vacant Land (Plot) 55% of the land (plot) cost

Some Banks/NBFCs will do 100% LTV* on primary collateral subject to secondary collateral of buildings, approved residential land (40% LTV) within corporate limit, Industrial property (50% LTV), Nursing home property with 15 beds (50% LTV), Play school property up to 1st standard (50% LTV), Medium sized banquet hall within city limit.
* LTV – Loan To Value **Subject to market value of the property and repayment capacity of the customer, as assessed by Banks/NBFCs
Mortgage Loan Eligibility
Eligibility Criteria Requirement
Age Minimum Age: 21 years and Maximum Age: 65 years
Resident Type

The applicant must be (any one):

  • Resident Indian
  • Non-Resident India (NRI)
Employment

The applicant can be (any one):

  • Salaried
  • Self-employed
  • Self-employed professional
Net Annual Income At least Rs.3-6 lakh depending on the type of employment
Residence

The applicant must have (any one):

  • A permanent residence
  • A rented residence where he/she has resided for at least a year prior to applying for a loan
Credit score A good credit score of at least 700 or more obtained from a recognized credit bureau

Mortgage Loan Documents and Charges

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For Salaried:
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Employer ID Card/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Employment Proof:
  • Current Employer Appointment or Offer Letter
  • Employer ID card (optional)
Income Proof:
  • Copy of Form 16
  • Latest 3 months salary slips or Salary certificate
  • Latest 1 year salary credited SB A/c statement
  • Bank account statements for all the bank accounts owned by the applicant for the last one year
Property Documents:
  • Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  • Occupancy Certificate in case the property is a ready-to-move-in property
  • Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  • Conveyance Deed in case of a new property
  • Bank account statements indicating all payments made to the seller or builder
  • Property Tax Receipts in case there is no plan approval and in case of a more than 10 years old property need minimum 5-10 years property tax receipt
  • Latest EB bill in case of a old property
  • Encumbrance Certificate (EC) from 01.01.1987 to current date
For Co-Applicant (if needed):
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Employment Proof:
  • If Salaried – follow the same documents as Salaried Profile
  • If SEP or SENP – follow the same documents as SEPs or SENPs Profile
Income Proof:
  • If Salaried – follow the same documents as Salaried Profile
  • If SEP or SENP – follow the same documents as SEPs or SENPs Profile
For Self Employed Non Professionals (SENP - Business):
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Employer ID Card/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Business Proof:
  • Professional Tax Receipt or SSI Certificate or Company’s RC (TIN No) Copy or Any other old business proofs
  • GST Certificate copy
Income Proof:
  • Latest three Financial Year’s (FY) Income Tax Return copies with full set (with auditor seal & sign)
  • Bank account statements for all the bank accounts (SB/Current/OD/CC) owned by the applicant for the last one year
Property Documents:
  • Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  • Occupancy Certificate in case the property is a ready-to-move-in property
  • Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  • Conveyance Deed in case of a new property
  • Bank account statements indicating all payments made to the seller or builder
  • Property Tax Receipts in case there is no plan approval and in case of a more than 10 years old property need minimum 5-10 years property tax receipt
  • Latest EB bill in case of a old property
  • Encumbrance Certificate (EC) from 01.01.1987 to current date
For Co-Applicant (if needed):
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Employment Proof:
  • If Salaried – follow the same documents as Salaried Profile
  • If SEP or SENP – follow the same documents as SEPs or SENPs Profile
Income Proof:
  • If Salaried – follow the same documents as Salaried Profile
  • If SEP or SENP – follow the same documents as SEPs or SENPs Profile
For Self Employed Professionals (SEP – Doctors/Engineers/Chartered Accountants/Other Professionals):
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Qualification Proof:
  • Certificate of Qualification (for Doctors/C.A. and other professionals)
  • Medical Registration Certificate (for Doctors)
Income Proof:
  • Copy of Form 16 or Latest three Financial Year’s (FY) Income Tax Return copies with full set (with auditor seal & sign)
  • Bank account statements for all the bank accounts (SB/Current/OD/CC) owned by the applicant for the last one year
Property Documents:
  • Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  • Occupancy Certificate in case the property is a ready-to-move-in property
  • Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  • Conveyance Deed in case of a new property
  • Bank account statements indicating all payments made to the seller or builder
  • Property Tax Receipts in case there is no plan approval and in case of a more than 10 years old property need minimum 5-10 years property tax receipt
  • Latest EB bill in case of a old property
  • Encumbrance Certificate (EC) from 01.01.1987 to current date
For Co-Applicant (if needed):
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Employment Proof:
  • If Salaried – follow the same documents as Salaried Profile
  • If SEP or SENP – follow the same documents as SEPs or SENPs Profile
Income Proof:
  • If Salaried – follow the same documents as Salaried Profile
  • If SEP or SENP – follow the same documents as SEPs or SENPs Profile
For Non-Resident Indians (NRIs - SENP/SEP and Salaried):
Identity Proof (any one):
  • PAN (mandatory)
  • Valid Passport (mandatory)
  • Valid Visa (mandatory)
  • Employer Identity Card
  • Driving License/ Voter ID/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
  • Proof of residence indicating the applicant’s current overseas address
Passport Size Photograph:
  • Two passport size recent photographs
Employment Proof:
  • Business Address Proof (for NRI –SENP/SEP)
  • Registration Certificate (for NRI –SENP/SEP)
  • Valid work permits (for NRI - Salaried)
  • Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language. (for NRI - Salaried)
Income Proof:
  • Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years (for NRI – SENP/SEP)
  • Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries.
  • Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months.
  • Valid work permits (for Salaried - NRI)
  • Salary slips for the last 3 months (for Salaried - NRI)
  • Bank statements indicating salary credit for the last 6 months (for Salaried - NRI)
  • Copy of the Identity Card issued by the current employer along with the latest salary slip (original). (for Salaried - NRI)
  • Copy of the individual Tax Return for the last assessment year. - Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries. (for Salaried - NRI)
Property Documents:
  • Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  • Occupancy Certificate in case the property is a ready-to-move-in property
  • Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  • Conveyance Deed in case of a new property
  • Bank account statements indicating all payments made to the seller or builder
  • Property Tax Receipts in case there is no plan approval and in case of a more than 10 years old property need minimum 5-10 years property tax receipt
  • Latest EB bill in case of a old property
  • Encumbrance Certificate (EC) from 01.01.1987 to current date
Other Documents:
  • If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
  • PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
  • The attestation of the documents can be done by:
    • Indian Embassy/Consulate
    • Overseas Notary Public
    • FOs/Representative Offices
    • Officials of Branch/Sourcing Units based in India
For Co-Applicant (if needed):
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Employment Proof:
  • If Salaried – follow the same documents as Salaried Profile
  • If SEP or SENP – follow the same documents as SEPs or SENPs Profile
Income Proof:
  • If Salaried – follow the same documents as Salaried Profile
  • If SEP or SENP – follow the same documents as SEPs or SENPs Profile

*Requirement of mortgage loan documents might vary according to the scheme chosen. Banks/NBFCs may require additional mortgage loan documents which will be intimated to you while processing your application.

Mortgage Loan Interest Rates

Compare the lowest mortgage loan interest rates starting from 9.65% p.a. and apply for the best mortgage loan. Get the complete list of current mortgage loan rate of interest in India from all leading banks and financial institutions.

Mortgage Loan (Loan Against Property)
Bank/NBFCs Interest Rate (%) Processing Fees (%) Tenure (yrs.)
min max min max min max
Union Bank of India 10.2 11.05 0.5 0.99 1 15
HDFC Ltd 9.65 14.85 0.75 2 5 15
Axis Bank 9.86 12.85 0.99 0.99 5 20
PNB Housing 10.25 12 0.99 1.5 3 15
IDFC First Bank 10.5 12.5 0.99 1.5 5 15
ICICI Bank 11 16 0.99 1.5 5 20
Yes Bank 10.5 11 0.99 2 5 15
Fullerton India 9 24 2 3 5 15
Magma Fincorp 10.5 12.5 0.99 1.5 1 20
Aditya Birla 11 16 1 2 1 20
Kotak Bank 10.5 11 0.99 1.5 3 10
TATA Capital 10.5 14 1 2 1 15
GIC HFL 11.2 14.25 0.5 1 3 30
LIC HFL 11.3 14.5 0.99 1.5 3 15
Bank of Baroda 9.2 13.5 0.75 0.99 1 10
Repco 12.8 15 1 2 3 10
Chola 10 15 0.99 2 3 15
RBL Bank 10.15 11.5 1 1.5 3 15
Bajaj Finserv (self employed profile only) 13 16 0.99 1.5 2 20
DCB Bank 12 12.75 0.99 0.99 3 15
IIFL 11.5 22 2 3 1 10
Hinduja Housing 11 16 1.5 2 3 10
Natrust 14 19 2 3 3 15
Jana Small Finance Bank 11 16 2 3 1 5
HDB 12 15 0.99 1.5 3 15
Indostar 12 19 2.5 3 7 15
Manappuram Finance 15 24 2.5 2.95 3 15
HFFC 14 16 2 2.5 5 15
Vistaar Finance (self employed profile only) 15.25 23.9 2 2.5 7 12
Shriram Housing Finance 12.5 14 0.99 0.015 3 15
Equitas Small Finance Bank 15 18 0.99 2 3 15
OfBusinss (self employed profile only) 13.5 14.5 1.5 2 3 7
JM Financial Services 15 16 0.015 2 10 20

Mortgage Loan Fees and Charges

Depending on the type of loan you are applying for, the following charges may be levied:
Processing fees :

This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.

Prepayment charges:

Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.

Conversion fees:

Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.

Cheque dishonor charges:

The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account

Fees on account of external opinion:

In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.

Property insurance:

The customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.

Default charges:

Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Installments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.

Incidental charges:

This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly installments on time.

Statutory/regulatory charges:

The fee includes all charges associated with Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.

Photocopy of documents:

The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.

Change in loan term:

Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.

Charges On Account Of Delayed Payments:

Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.

Helpful Mortgage Loan Calculators, Tools, and Trends

FAQs on Mortgage Loan/Loan Against Property/Home Equity

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Do I need to go to a Banks/NBFC branches to get a Mortgage Loan?
  • No, there is no need to visit Banks/NBFC branches to apply for a mortgage loan. We have made the process simple; you can apply for a mortgage loan through our website.
  • You can submit required details through our bankvallet.com website and we will call you back and let you know about eligibility and application status. BankVallet will have the necessary documents picked up from your residence or office.
  • If you have any questions regarding the mortgage loan application process, please feel free to contact our customer care at 90470 45470 or write to us at wecare@bankvallet.com.
How secure is my information when I provide it during the BankVallet.com loan comparison process?

All your sensitive information like personal/financial information is encrypted and safeguarded with our best in class security systems. We don't share your information with any marketing agencies or any 3rd party without your consent.

How long does it take to get a Mortgage Loan?

At BankVallet, we have simplified the process of obtaining a Mortgage Loan. You can visit our website and apply for the loan by submitting your details. We will call you back and notify you if you are eligible. Thereafter, you can submit your documents to our representative who will visit either your home or office as per your convenience. We strive to process the complete application within 72 hours of complete document submission. If you have any questions regarding the Mortgage Loan application process, please feel free to contact our customer care at 90470 45470 or write to us at wecare@bankvallet.com.

How will Banks/NBFCs determine my Mortgage Loan eligibility?

There are a number of factors that are taken into consideration before we approve your application for a Mortgage Loan. These include:

  • Your age: You should be at least 23 years at the time of loan application and maximum 70 years of age at the time of loan maturity.
  • Your work experience: Banks/NBFCs require salaried employees to have 5 years of work experience while self-employed individuals should have been in business for at least 2 years.
  • The property: The property should have a clear title. Banks/NBFCs also take into account the valuation of the property.
  • Good credit rating: Banks/NBFCs examine your CIBIL record; They extend credit to individuals and entities with a good credit rating.
What are the property types you can take Mortgage Loan?

A Mortgage Loan is a convenient option to finance all high-end expenditures for business or personal purposes. You can mortgage various Mortgage Loan types as collateral to avail funds of up to Rs. 3.5 Crore.

Following are some of the collateral variants lenders consider with their Mortgage Loan product types :–
  • Self-occupied residential property, including house, apartment, flat, etc.
  • Rented residential properties are also accepted as Property Loan types.
  • Commercial property such as an office building, shops, malls, complexes, etc.
  • A plot of land under your ownership is accepted as one of the Mortgage Loan types.

However, the property should be free from any charge i.e. there should be no other loan running on the property offered as a security for LAP.

Is there a specific purpose that I should mention to avail such a loan?

Customers can opt for the Mortgage Loan for business purposes, personal reasons or debt consolidation.

Is the Mortgage Loan from Banks/NBFCs fixed or floating?

Many Banks/NBFCs offer a fixed as well floating Mortgage Loan to our customers. If you opt for floating, you can take advantage of the prevailing interest rates.

What will happen to the tenure of my loan if the interest rate reduces?

If the interest rate reduces, Banks/NBFCs will reduce the tenure of the loan.

What is the maximum loan amount I can get?

You can get a Mortgage Loan from a minimum of Rs. 5 lakh to a maximum of Rs. 10 crore.

Can Banks/NBFCs offer LAP as an overdraft?

Yes, you can avail up to 90% of the total LAP as an overdraft.

Is it possible to apply for a Mortgage Loan if it is a joint property?

Yes, it is possible provided that the co-applicant of the loan is the joint owner of the property. In fact, a higher loan amount can be availed for joint properties.

Does the property against which I am taking loan have to be insured?

Yes, in order for us to approve your application, you will have to ensure that the property you are mortgaging is insured for fire and other perils as is required by Banks/NBFCs. The insurance should provide coverage throughout the tenure of the loan and it is a requirement that you provide the proof of continued coverage each year or whenever you are requested to do so. Cost of insurance is to be borne by the owner/s of the property and not by Banks/NBFCs.

Are Uninsured Properties accepted to Sanction Mortgage Loan?

When taking a Mortgage Loan, it is essential to insure the property being mortgaged. The insurance cover should cover damages caused by fire and such calamities and must be valid throughout the loan tenure.

Every borrower has to submit a proof of the insurance policy annually or when needed. The reason why you need Mortgage Loan insurance policy is the approval of your application. You can also enjoy the benefit of loan mortgage insurance tax deductible.

What is pre-EMI interest?

Commencing from the date of each disbursement, pre-EMI interest is the interest that you need to pay on the amount that you have borrowed from Banks/NBFCs. This amount is calculated on a pro-rata basis till payment of the first EMI.

Is there an application fee for Mortgage Loan?

Financial lenders have a set application fee which includes the charges to evaluate the property and the legal verification process.

Do lenders offer Mortgage Loan schemes for Non-resident Indians?

Yes, some lenders offer the Mortgage Loan for Non-resident Indians as well, but it depends on the terms and conditions set by the lender you wish to avail the loan from.

How will I know if my Mortgage Loan application is approved?

Using your application reference number, you can check the status of your loan application on the website of the lender. If the loan is approved, you will receive a message on your registered mobile number that your loan has been approved and that the money will be credited to your account shortly.

Is the interest rate for the Mortgage Loan standard between lenders?

No, the interest rates offered by lenders vary.

What kind of Benefits of Prepayment the loan?
  • Reduces the outstanding principal.
  • Lowers either the EMIs or the loan tenure.
  • Frees you from debts quickly.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

How To Apply for a Mortgage Loan

1

Compare the best Mortgage Loan packages

At BankVallet, we give you an overview of the latest Mortgage Loan packages available in the market. With just a few clicks, you’ll be able to compare the best interest rates from our Banks and Financial Partners.

2

Get in touch with our Mortgage Loan Specialist

From knowing your loan eligibility to getting your IPA, we’ll fill you in with all the pertinent details regarding Mortgage Loan. Our Mortgage Loan Specialists will help you throughout the process and give you unbiased advice.

3

Apply for your Mortgage Loan

Once you have your IPA, we can get started with your Mortgage Loan application. We understand that this is a major life decision and we’re here to guide you. With our help, the Mortgage Loan application process can be completed within 2 working days. Although, some banks and financial institutions may take up to a week to complete.

Why Get Your mortgage Loan
Through Us?

Simple, Fast, Convenient

Leave your Mortgage Loan research to us and we will break it down for you in simple terms. Our Mortgage Loan Specialist will contact you directly so you can save time for other important things in life.

We compare so you get better deals

Feeling so spoilt for choice you cannot decide? Settling for the first option is like being forced to marry the first person you come across on a matrimony app. Don’t feel pressured. We compare across all banks in TamilNadu to ensure that you get the best deals.

Most importantly it's free!

Our service to you is free. But, of course we are not doing this for charity! All banks pay us a standard referral fee for our services and our awesome job done. We don’t take sides or give biased advice.

We have helped thousands Tamilnadu consumers choose and apply for their Mortgage Loans

Thank you, thank you, thank you to Bankvallet and their team! I got my mortgage loan from hdfc with the quick service of bankvallet team. Their services are very quick and very very transparent. They are very humble and well knowledged. Thank you hdfc and bankvallet. I strongly recommend bankvallet to all.

Muthukannan Samapth
Employed full time

Thank you BankVallet for your timely support to complete my urgent business expansion funding. I love your transparent loan services. I am really enjoyed their process support like docs pickup and regular update. I strongly recommend BankVallet to all for their unbiased recommendations!

Gautam Raj
Employed full time

BankVallet is really a fast and transperant loan consultant. With their service, I got my Mortgage Loan within 20 days. I really thank BankVallet team for their support and guidance. Really very helpful team!

palpandi ramachandran
Employed full time

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