Mortgage Loan

You've already done the hard part — owning a property outright or paying it down for years. A mortgage loan lets that asset fund your next chapter, whether that's expanding a business, renovating the home itself, or consolidating debts that are costing you more in interest than they should. Longer tenures and lower rates make it a far more cost-effective route than unsecured borrowing — but only if you're matched to the right lender. We compare 30+ banks and NBFCs, handle the valuation and paperwork, and make sure the terms actually work in your favour, not just the bank's.

★ How much can you borrow
1. Nationalized banks typically fund up to ~55% of property market value (excluding SME/project cases).
2. Multinational banks may go up to ~65%; select NBFCs can reach ~75% — after legal and technical valuation.
3. Higher loan amounts and competitive rates make mortgage loans a cost-effective choice for big expenses.

★ Flexible tenure and top-up
1. Repayment periods commonly run from 5 to 15 years — matched to your age and income.
2. Part-prepayment and extra contributions let you shorten tenure or reduce EMI over time.
3. After 12 regular EMIs, many lenders offer top-up loans based on updated property value and repayment track record.

★ Floating rates and RBI impact
1. Full fixed-rate mortgage loans for the entire tenure are rare — floating rates linked to base rate are standard.
2. When RBI changes policy rates, your interest rate typically moves with them — EMIs fall or rise accordingly.
3. Compare lenders before you sign; the rate spread between banks can be significant on large amounts.

★ Prepay and transfer — know the charges
1. Prepaying with your own funds may attract ~2% penalty at some lenders — check the fine print.
2. Balance transfer to another bank can also carry ~2% charges depending on internal policy.
3. We calculate whether switching or prepaying actually saves money after fees — that's part of our free consult.

★ KYC Documents
1. PAN card
2. Aadhaar card
3. Passport-size photographs (3 copies)

★ Income — Salaried
1. Salary slips — last 6 months
2. Form 16 — last 2 years
3. Bank statements — last 12 months (salary account)
4. Company ID card
5. Appointment / offer letter

★ Income — Self-employed / Business
1. IT returns — last 3 years
2. Balance sheet, computation & P&L — last 3 years
3. Bank statements — last 12 months (current & savings)
4. Business proof — Gumasta / Udhyog Aadhaar / GST certificate
5. Business address proof — light bill or rent agreement
6. Property papers (master file)

★ Address Proof
1. Latest electricity bill
2. Rent agreement (if rented)

★ Existing Loans (if any)
1. Loan account statement — last 12 months
2. Sanction letter of current loan

★ For Salaried Individuals
1. Applicant must be an Indian Citizen.
2. Minimum age required is 21 years and maximum age allowed is 55 years.
3. Should have a minimum work experience of 6 months in the current company and a total of 3 years overall. However, if the applicant works with a Category A company, stability is not strictly necessary.
4. Must have a salary account.
5. If working with a Super Category A company, the minimum monthly take-home salary required is Rs. 20,000 and above. For Category A or any listed company in the bank's approved list, the minimum required take-home salary is Rs. 25,000 and above per month. For those employed in small Pvt. Ltd companies or the government sector, the minimum required take-home salary is also Rs. 25,000 and above per month.
6. Residence status can be owned, rented, or provided by the company.
7. Some banks may require a mandatory postpaid mobile connection.

★ For Self-Employed Individuals
1. Minimum 4 years of business operation is required.
2. Minimum annual turnover should be more than Rs. 25 lakhs.
3. A current account with a history of at least 1 year is mandatory. The loan amount calculation is based on the Financial Obligation Ratio (FOR) calculator.
4. Loan amount is determined by the average Income Tax Return of the last two years.
5. Proof of business registration such as Shop Establishment, VAT, CST, and GST turnover is required. The IT Return must show an increase compared to the previous year.
6. Inward cheque returns should not exceed 2% of total transactions.
7. Banking transactions should not constitute more than 30% of the total turnover.

!! Important Note !!
The eligibility criteria for mortgage loans can vary between different banks and NBFCs. Some institutions may allow deviations from these rules and offer mortgage loans even with less stringent documentation.

✔ Submit Currently Running Loan Statement of account (If Any).
✔ Submit all Documents in Hardcopy Togather.
✔ Also Mail US all Softcopy on PDF File on contact@prarviconsultancy.com

1. Compare and Choose: Obtain loan quotes from different banks and lenders, then analyze and select the best option for you.
2. Listen and Learn: Pay attention to what various vendors have to say. You might discover new insights that you weren't aware of.
3. Honesty Matters: Be transparent about any negative aspects of your financial history with the vendors. This helps them guide you towards the right choices.
4. Credit History Conversation: Discuss your complete credit history with the vendors. This enables them to provide accurate solutions and avoid potential rejections.
5. Politeness Pays: Maintain a respectful attitude with the vendors. Building a good rapport can lead to more beneficial and lasting relationships.
6. Preparation Pays Off: Gather all your documentation and security cheques before applying for a personal loan. This proactive approach saves you time and ensures a smoother process.
7. Stay Connected: Keep in touch with your vendors until you receive a definitive status update on your loan application. Open communication helps you stay informed.
8. Track Your Progress: Use your application number to monitor the status of your loan application on the bank's website. This keeps you informed every step of the way.