Complete Checklist of Documents Needed for a Mortgage Loan

by anveshajain

A mortgage loan is a type of secured loan and is very easy when it comes to sanctions. The loan is given against a share of the property, the paperwork involved is very little. You can submit the documents once and choose to refinance the existing loan to avoid huge paperwork.

Documents required for a Mortgage Loan are very few and instead of roaming here and there, check out this list. File your documents as per the listing given in this blog. Also, go through the eligibility criteria before applying for a mortgage loan. Beginning with the primary documents, which you must have while filling out the loan application form.

Documents Needed While Applying for a Mortgage Loan 

The essential documentation every applicant will be asked for before the approval of the loan varies. The variation is because of the mode of earning the applicant. There are two categories of earning individuals. 

One is Salaried, and the other is Self-employed. The documents required for individuals belonging to any of these categories are given below for the current mortgage loan. 

Documents Required for Salaried Individuals

Documents that a salaried individual will be asked for are:

  • Recently generated salary slips
  • Previous 3 months bank account statements
  • PAN Card or Aadhar Card (for Identity and Residence Proof)
  • Address Proof
  • Copy of the property documents that is to be mortgaged
  • IT recoveries

Documents Required for Self-Employed Individuals

Documents that a Self-employed individual will be asked for are:

  • Bank account statements for last 6 months
  • PAN or Aadhar Card (for Identity and Residence Proof)
  • Proof of the Address
  • Copy of the property documents that is to be mortgaged

Eligibility Criteria 

You must meet the eligibility criteria set up to avail of the current mortgage loan. You can check your eligibility by the parameters listed below. 

For Salaried Individuals

Salaried Individuals can avail of a mortgage loan if they meet the following eligibility criteria:

  • Your age must be between 33-58 years while applying for the loan
  • You must be a salaried individual employed with an MNC, a private company or a public sector company
  • You should be a resident of India
  • Maximum loan eligibility- up to Rs. 1 crore
  • Tenure- Flexibility of the tenure is between 2-20 years

For Self-Employed Individuals 

Self-employed individuals can avail of a mortgage loan if they meet the following eligibility criteria-

  • Your age must be between 25-70 years while applying for the loan
  • You should be a self-employed individual with a regular source of income
  • You should be a resident of India
  • Maximum Loan Eligibility- up to Rs. 3.5 Crore
  • Tenure- Flexibility of the tenure is up to 18 years

These were the documents required for a Mortgage Loan. This list will help you know the necessary documents so that you can get them beforehand. Also, you can check the eligibility criteria to avail of the mortgage loan. 

You must fill the application form and must go through the eligibility criteria. You can calculate EMI online to evaluate the right loan amount. After approval and verification of the documents, the loan is passed. 

Related Posts

Leave a Comment