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   Mortgage Loan

A Mortgage is a legal document by which real property is pledged as security for the repayment of a loan. It is your personal guarantee to repay the loan as well as a pledge of the property as security for the loan.

A mortgage is the most common form of financing for real estate transactions. A mortgage is a legal contract between mortgage which is generally a bank or other lending institution and a mortgagor which is the borrower. This legal document contains the amount of money borrowed to buy the property and the interest rate that applies. The piece of property is used as collateral in a mortgage.

There are many types of mortgages with some of the popular ones being, fixed, adjustable, graduated-payment, graduated-equity, shared-appreciation, and balloon mortgages.

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Bank Name
Floating Interest rate
Processing Fee Prepayment Charges
ICICI Bank Scheme I :10.50% (Fixed 1 yr), Scheme II : 10.75% (Fixed 2yrs), Scheme III : 10.75% (Fixed 3yrs), then 10.50% (Upto 25Lacs)
Scheme I :11% (Fixed 1 yr), Scheme II : 11.25% (Fixed 2yrs) Scheme III : 11.25% (Fixed 3yrs), then 11%
0.50% of loan amount upto 1 crore N.A
HDFC Ltd Scheme I : 10.75% (Fixed for 3 yrs )
Scheme II : 11.25% (Fixed for 5 yrs )
, After that 10.50% rate or then applicable rate.
0.5% or maximum 10,000+service tax (10.30%) No prepayment charges shall be payable for partial or full prepayments irrespective of the source
First Blue Home Finance 10.50% (for Salaried / SEP), 11% (For Self Employed) (Upto 25Lacs), Then 10.75% (for Salaried / SEP), 11.25% (For Self Employed) Salaried - 0.5% or 6000 whichever is less plus doc charges plus taxes (upto 25 lacs), 0.5% or 10000 whichever is less plus doc charges plus taxes (25-75 lacs), 0.5% or 15000 whichever is less plus doc charges plus taxes (above 75 lacs).
Self Employed - 0.5% plus doc charges plus taxes.
LIC Housing Scheme I : 10.40%
Scheme II : 10.70% (Fixed for 3 yrs)
Scheme III : 11.15% (fixed for 5 yrs)
Up to 30 lacs : 10,000+ 10.30%(Service tax)
30 - 50 lacs : 15,000+10.30%(service tax)
50 & above : 20,000+10.30%( Service tax)
2% of out standing Payment
AXIS Bank Scheme I :11.75% (Fixed for 20 yrs)
Scheme II : 10.75% (Upto 25Lacs),Then 11%
1% of the loan amount + applicable taxes 2% (For Scheme I)
Nil (For Scheme II)
IDBI 11% (Upto 25Lacs), Then 11.50% - 11.75% Up to 1%of loan amount
(Rs 2500 to be collected at login and balance at the time of sanction )
If Balance Transfer then 2% Otherwise Nil
ING Vysya 10.75% 5000 + 10.30% (service tax) (Upto 20Lacs)
5000 + 10.30% (service tax) (Above 20Lacs)
Standard Chartered 10.75% - 11.25% 0.5% 2.5%
DHFL 11.50% 0.5% - 1%(basis on profile) If 25% of outstanding amount is paid every year -No Penalty , otherwise 2% of outstanding amount
Citibank 10.50% (Upto 25Lacs), then 11% 0.5%+Service tax 2%
India Bulls 10.50% (Upto 25Lacs), Then 11% upto 30lacs - 2,500 + 10.30% (service tax)
above 30lacs to 1.5Cr - 5,000 + 10.30%(service tax)
Above 1.5Cr - 10,000 + 10.30%(service tax)
Bank of India 11% (Upto 25 Lacs), Then 11.75% For loans upto Rs.30 lacs One time @ 0.55% of loan amount min. Rs. 3000/- and max. Rs.10000/-
For Loan over Rs.30 Lacs upto Rs.50 lacs – One time flat Rs.15,000/-
For Loan over Rs.50 Lacs upto Rs.1.00 crore – One time flat Rs.20,000/-
2.25% of outstanding loan amount.
Canara Bank 11.75%
Kotak Bank 11.25%( for Salaried), 11.50%( for Self Employed) 0.25% - 0.5% 2% of Principal Outstanding + 2% on amount prepaid in last 12 months
Dena Bank 11.15% (Upto 25Lacs), Then 11.75% - 12.25% N.A N.A
Barclays Bank 11% - 11.25% 0.25%( for salaried ) , 0.50%( for Self employed) 3%
Reliance 11%
Federal Bank 10.78% 0.50%
Development Credit Bank 11.50% 0.5% If 25% of outstanding amount is paid within 3 years - No Penalty , otherwise 2% of outstanding amount
Tata Capital 10.75% 0.5 to 1% off the loan amount. N.A
Indian Bank 11.25% 1) 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
2) 0.32 % on Loan amount (at the time of acceptance of sanction)
1) No pre-closure charges, if loan is closed out of own funds.
2) 2% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Basic Documents
Identity Proof : Passport/ Driving License/PAN card/ Photo credit card (with embossed Signature and last two months statement)/ banker’s sign verification (Anyone of the above)
Age Proof : PAN Card/ Passport/ Driving License / School leaving certificate/ Voter’s card/BirthCertificate/ LIC policy (only for age Proof). (Anyone of the above)
Address Proof : Passport/ Telephone bill (BSNL/MTNL)/ Electricity bill/ Title deed of property/Rental agreement/ Driving license/ Election ID card/ Photo-credit card (with last two month statements) (Anyone of the above)
Income Proof : Latest salary slip/current dated salary Certificate with latest form 16 (Anyone of the above)
Job Continuity Proof : Form 16/relieving letter/appointment Letter (for last two months) (Anyone of the above)
Banking History : Bank statements of latest 2 months/ 3 months bank passbook (Anyone of the above)

A number of factors are taken into account when assessing your repayment capacity. Your income, age, number of dependants, qualifications, assets and liabilities, stability/ continuity of your employment / business is some of them.

However, there are ways by which you can enhance your eligibility.

If your spouse is earning, put him/her as a co-applicant. The additional income shall be included to enhance your loan amount. Incidentally, if there are any co-owners they must necessarily be co-applicants. One can include Spouse/Parents/Children as Co-Applicant if you require higher eligibility subject to maximum of three applicants.

Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility

Following are eligible to apply for Loan against Property
Salaried Individuals
Self employed Professionals/Business men

To apply for loan
You must be at least 21 years of age when the loan is sanctioned
The loan must terminate before 58 years or retirement, whichever is earlier in case of salaried and for self-employed before 65 years.
The maximum tenor that the banks give the loan is from 5 years to 15 years subject to the retirement age.
Your must be employed or self-employed with a regular source of income

The final amount to be sanctioned will depend on your repayment capacity. However, what you ultimately are entitled to will have to conform within the limits fixed for each loan.

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