Jain Finserve Pvt. Ltd.





MORTGAGE LOAN










1) Mortgage Loan: Overview




Mortgage loan is valuable loans because of its long tenure repayment, cheap interest rate, higher loan amount, interest deduction in income tax return, part re - payment facility with nil charges (up to 25% of outstanding loan amount once in a financial year) and many more big benefits. Mortgage loan is availed to grow business, renovation home, and medical expenses, reduce debts of unsecured loans, etc.



Mortgage loans criteria are very different for all banks and for all NBFC. Nationalized banks give maximum 55% (not including SME or project loan) of Market value. Beside Multinational banks do up to 65% of Market value. And NBFC goes up to 75% of market value. Rate of interest are differ as per bank.



Mortgage loans are offered for small tenure to long tenure. You can avail it by your financial capacity and your age limit for 5 years to 15 years. You can also restructure your mortgage loan by doing part payment or extra payment. Both two option are always open for your loan firstly to reconstruct you loan tenor or secondly reconstruct your EMI. After 12 EMI every banks and NBFC offers top up loan as per market value and as per financial capacity.



Mortgage loan is offered floating rate scheme. But now RBI change his norms and no bank can offer Mortgage loan for fix rate for whole tenure. Bank are not offering fix rate for whole mortgage loan. Floating rate is depends on base rate. So when there are any changes announced by RBI it directly affected to your mortgage loan interest. If it is decreased then your rate is also decrease and if it is increase then it increase.



There is some condition applied by some banks and NBFC for pre closure of mortgage loan. If you prepay loan by your own fund then there is 2% penalty but if you takeover it to other financial institution then it will takes penalty of 2% extra. It depends on company’s internal policy.




2) Mortgage Loan Compare


Zatpatloans.com serve you best Mortgage Loan


  1. Personalized Service: We only follow your profile and your requirement to well knowledge vendors who understand your profile and give you best.

  2. Detailed Inquiry Form: We have prepared two types of inquiry form which helps you to take decision about your loan process. Our detailed application form submitted to our expert analyst and then result it within 24 hours. So you can easily know your eligibility, loan probability, and offers also.

  3. Best Analyst – Zatpat loans has best analyst team which is highly educated, many years experienced and well knowledge of all bank policies. It helps you to platform your profile at right way.

  4. Latest Offers – Zatpat loans updates immediately all new schemes running from all banks. So it is easy to choose best rate loan from all banks.

  5. No consulting Charges – Zatpat loans itself and all vendors who are related to Zatpat loans do not take any consulting charges from customers.

  6. Doorstep Services – Zatpat loans gives you doorstep services for all products from all banks. Vendor will come to you place from application to disbursement process. So it is easy to get best without investing time.

  7. All Bank Offer At One Time – Every BANK and NBFC have different interest rate for different salary and profile. Zatpat loans give you the right platform where all bankers offer his best to particular profile. So it is for customer to select best option with best scheme.

  8. Helpline – Zatpat loans has a customer care team and a virtual number who helps you take advice about loan and also help to increase your credit profile.

  9. Stop Frauds – Some time customer are being part of fraud from vendors and of some executives. Zatpat loans give you surety of fraud free loans.

3) Mortgage Loan Interest Rates



Current Mortgage Loan Interest Rates in India:


You have various options to get Mortgage loan. Each bank has different interest rates different tenure and different loan amount criteria. Most of the MNC banks and NBPF are giving minimum 5 year tenure and maximum to 15 years tenure. Mortgage loan amount and rate of interest is dependent on customers profile like working company, take Home salary, Average bank balance, designation, Cibil score etc. Every banks give Mortgage loan on bases Net salary and for businessmen on bases of last 3 years of It Returns. There are some more criteria in NBFC more mortgage loan like Repayment track policy, Banking policy, LIP, Gross Margin Policy, NIP and many more.


Balance Transfer Scheme:


If you want to release your current burden of high interest rate or don’t want to take multiple EMI burden for new loan and also required best rate compare to your older loan than Balance transfer scheme is the right option for you. Some banks are giving best scheme for balance transfer like they are offer lower interest rate and half processing fees, half for closer charge etc. They also offer top up amount by this way you can get new loan and keep only one EMI from same bank even though you have get new funds.


Special Scheme:


If you are working with some reputed and super cat A company then always ask if there is any special scheme are live or not. Most of the banks are every month announce new scheme for super cat A companies or for reputed big companies or for some Higher designation employee. So when you get right scheme it is better to take immediate apply and choose the right bank.


Prepayment Condition and Charges:


Whenever you go for mortgage loan firstly get detail about pre closer charges. Pre closer charge is applicable by MNC Banks and by all NBFC. Beside there is a hidden condition that if you going for Balance Transfer then some of banks asking 2% higher for closer charges than normal. You can do 25% part pre payment of outstanding amount every year without any charge then after it is chargeable. You should have to decide first your purpose of your loan, your repayment capacity, your saving planning, your extra income like incentive and then after you have to decide that are you able to do pre payment before the tenure or not. If first you clear your perfect concept of loan then you can do best deal.


Difference between Flat Rate and Reducing Rate:


Major customer does not understand what is difference between flat interest rate and reducing interest rate? There is only calculation difference between flat interest rate and reducing interest rate. If you go for the flat rate then reducing will be Flat rate * 1.75 Example if your flat rate is 10% yearly then your reducing will come 10% * 1.75 = 17.5% reducing yearly. Both are same but some people misguide customer with flat and reducing interest rate.



Banks upto 75 Lakhs 75 & above Processing fees
HDFC 9.75% - 10.50% 9.75% - 10.50% 1.00%
SBI 9.45% - 11.00% 9.45% - 11.00% 1.00%
ICICI Bank 11.35% 11.35% 1.00%
Axis Bank 11.00% - 12.10% 11.00% - 12.10% 1.00%
PNB HFL 9.50% - 11.50% 9.50% - 11.50% 0.75%
Indiabulls 10.60% - 14.50% 10.60% - 14.50% 1.00%
Standard Chartered 9.25% 9.25% 0.4% of Loan amount plus applicable taxes
DHFL N.A N.A 1.00%
Reliance 13.50% 13.50% 1.00%
Edelweiss N.A N.A Up to 2% of Loan Amount
Tata Capital 11.75% - 15.00% 11.75% - 15.00% 1.00%
HDBFS 11.00% - 20.00% 11.00% - 20.00% 1% to 1.50% of loan amount


4) Mortgage Loan Eligibility Criteria



4) Mortgage Loan Eligibility


There are some different criteria for Mortgage loan. It is different for both profile salaried and businessman. Most of Bank is generally follows below criteria for Mortgage loan.



For Salaried:





For Self Employed:





Important Note: - Above all rules are not compulsory for mortgage loan. All MNC Banks and NBFC are taking deviation in mortgage loan. Some banks are doing loan even though week documentation in mortgage loan.



5) Mortgage Loan Documents



Mortgage loan is always done timely if you are perfect with your documentation. Always go for loan with perfect and total documentation so that you will get login timely, perfect communication with bank and result between the expected times. If you not provide complete document timely or delay it then because of part documents you will not get to login in bank and if get logged in bank then does not get perfect result.


If you are not getting surety for rate of offer or approval of Mortgage loan then always goes for multiple option at the time so you can get best out of them without wasting your time.


The necessary documents required for Mortgage loan are as below. When you submit it then first verify your agent that particular proof is valid or not. Always provide documents as per below or as per current requirement because bank changes in their policy anytime as per then internal policy.



Documents for Mortgage Loan salaried




Document for Business Loan




Property Document list




6) Mortgage Loan Process



Mortgage loan process is divided in 5 steps. By following all 5 steps you will get best loan as per your requirement. If there is any problem with your loan then your application will stop on related stages and its shows current status. Every stage result you that its stop or in process. Understand clearly all the stages so it is easy to take Mortgage loan.



Stage 1: Enquiry – Take Advise – Compare - Select


When you have choose this platform to compare all banks and financers then always try to attend all calls and talk with all financers. Do not irritate by lots of call but share your choice, your demand, your purpose, loan amount, profile with every bank and NBFC. Its helps you to take decision about your loan and helps you to choose right option. If you have any negative points then also share it with consultants so they will show you the right way. It is better to choose option who suite to your profile and advised by majority consultants.


Stage 2: Documents Sumiton – Application Form - Apply


Firstly choosing right option prepare all required documents and once verify with your Vendor and if there is some documents pending arrange it on priority bases. Verify that all documents are enough as per bank policy or not. Sign application form properly.


Stage 3: Application alert – Query – CIBIL


When you submit your application completely to the bank then you will get one SMS with application number from respective bank. You can follow your status by this application number online. Major Banks does not login if there is any query in your application so try to complete your document. After login please ask your lender about CIBIL and query. If there is any problem with your CIBIL your application will reject with this stage. If there is any doubt query in CIBIL your application will hold for query. If there is no query then your application will move for next stage of verification.


Stage 4: Verification – Mortgage Discussion


After completing 3rd stage your application moves to verification stage. Verification agencies representative will visit your office and resident and collect detail respecting you and submit it to bank. Besides Some bank Credit offices do telephonic Mortgage discussion about your application and some bank credit officers personally visit you for Mortgage discussion. They try to know your profile, your attitude, your loan purpose, your credit history, your financially stability etc. After getting Mortgage discussion if credit manager feel any doubt then he will reject your loan or ask for query. If he satisfied with profile then your application will move to final stage.


Stage 5: Loan approved – Sanction offer – Agreement – Disbursement


After cleared all above four stages your application will moved for approval and meanwhile you will get approval from bank. After getting approval customer has to do agreement with bank and submit security deposit cheque in favor of bank name. Once your agreement completely submitted to bank then within 48 hours you will get RTGS in your account of DD from respected banks.




7) Mortgage Loan Best Tips



If you are going for business loan please follow best tips from Zatpat loans advisor.


  1. Always get quotation from multiple vendors and multiple banks then analyst it and select what is best
  2. Always try to hear all vendors particularly so from that you can something new which you don’t know
  3. Don’t hide your negative points from vendors because it helps you provide right option
  4. Discuss your all credit history with vendors so it is give you perfect results without rejection
  5. Don’t make rude attitude to vendors because it makes your relation temporary and not profitable to you.
  6. Always prepare your all documentation and also security cheques before you apply for business loan. It saves your time.
  7. Be in touch with your vendors till you get particular status about your loan application
  8. Follow Application number on bank’s website. It will keep you in track.
  9. Ask all expenses of Mortgage loan first.
  10. Verify with you vendor that register Mortgage is compulsory of not. Always choose option which does not include register Mortgage because it saves your expenses.
  11. Verify with your vendor that Loan protector insurance, property insurance, and Life insurance policy is compulsory or not. Because all banks are doing cross sale for insurance policy as per their internal policy