The mortgage loan or LAP (loan against property) is one of the best ways to get funds during an emergency. But, to qualify for the loan, you must furbish certain documents related to the asset you want to pledge, income and more to the lender. The article lists down the documents you must have to get a mortgage loan.
At times when the finances are strained, you may need a little help to overcome the situation. In such a situation, the best way to get the necessary funds is to apply for a mortgage loan. Since mortgage loan is a secured loan, you can get a higher amount as compared to a personal loan and get an extended period for repayment. When you apply for a loan against property, the lender determines the maximum loan amount based on the value of the asset you pledge.
To qualify for the loan, you must meet the eligibility criteria of the lender and furnish certain documents related to your income, profession, and more. Although the document requirements may vary from lender to lender, the basic requirements remain uniform. Here is a comprehensive checklist of documents you would need to get a mortgage loan.
For SALARIED PROFESSIONALS
Identification Proof (you can submit any one of the following documents)
Address Proof (you can submit any one of the following documents)
Income Proof (you can submit any one of the following documents)
Documents to prove job continuity
Apart from the documents mentioned above, you must also submit:
For SELF EMPLOYED INDIVIDUALS/BUSINESS OWNERs
Identification proof (as mentioned above)
Proof of residence (as mentioned above)
Proof of ownership of the home (you can submit any one of the following documents)
Proof of business existence (you can submit any one of the following documents)
Proof of Income
A cheque for paying the processing fees
Passport-sized colour photograph
If you are a self-employed professional like a doctor or engineer, you must provide a copy of a professional degree certificate
Make sure that you know the exact documents required by the lender you wish to approach and keep your documents handy well in advance to avoid delay in the loan processing and disbursement.