Unlock Your Dream Home with a Mortgage Loan
Loan Wale Baba recognises that acquiring property through mortgage represents a crucial financial accomplishment in your life. Our complete mortgage loan solutions enable you to achieve your property ownership goals through purchase, construction or renovation of your desired property. Our simple process and competitive rates will allow you to obtain funding through property ownership as collateral in the most straightforward manner possible.
Features of Mortgage Loans
Your property serves as security for the mortgage loan, enabling lenders to provide you with reduced interest rates because of their decreased risk.
💳Prepayment Option
You can reduce loan debt and minimise interest expenses by making partial or full prepayments under the prepayment option without extra fees.
💰Loan Amount
You can decide between 5 and 30 years of repayment duration according to your financial condition.
🏠 Secured Loan
Your mortgage loan amount can reach 70% to 90% of your property’s market value assessment results.
📉Tax Benefits
Tax deductions are available for property owners who pay their principal amount under Section 80C and their interest payments under Section 24(b).
🔄Flexible Tenure
Mortgage interest rates can be fixed or floating to match your stability or market flexibility needs
The loan provides versatile usage, allowing borrowers to spend it on home purchases, renovations, or debt consolidation, with freedom to choose.
Eligibility Criteria
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Age | 21 to 58 years | 25 to 65 years |
| Income | Min ₹10,000/month | Min ₹2,00,000/year |
| Employment Stability | Min 2-3 years experience | Min 3 years business stability |
| Credit Score | 750+ for better approval | 750+ for better approval |
Documents Required
For Salaried Individuals
- Identity Proof: PAN card, Aadhaar card, passport, or voter ID
- Address Proof: Aadhaar card, utility bills, passport, or rental agreement
- Income Proof: Latest salary slips, Form 16, and bank statements (last 6 months)
- Employment Proof: Employment certificate from your employer
- Property Documents: Sale deed, title deed, approved building plan, and property tax receipts
For Self-Employed Individuals
- Identity Proof: PAN card, Aadhaar card, passport, or voter ID
- Address Proof: Aadhaar card, utility bills, passport, or rental agreement
- Income Proof: Income tax returns (last 2-3 years), profit and loss statements, and bank statements (last 6 months)
- Business Proof: Business registration certificate, GST registration, and business license
- Property Documents: Sale deed, title deed, approved building plan, and property tax receipts
Fees and Charges for Mortgage Loans
| Fee/Charge | Amount/Details |
|---|---|
| Processing Fees | 0.5% to 2% of Loan Amount |
| Loan Cancellation Fees | ₹3,000 to 5% of Loan Amount |
| Stamp Duty Charges | Based on state laws and property value |
| Legal Fees | Varies according to actual expenses |
| Penal Charges | Usually 2% per month on overdue amounts |
| Prepayment Charges | Varies by loan type (fixed or floating) |
| Other Charges | Documentation, verification, duplicate statements, etc. |
Explore Different Types of Mortgage Loans
LoanWaleBaba provides three main mortgage loan options to its customers:
Simple Mortgage
Under a Simple Mortgage, lenders gain the power to sell the property after a default happens, although borrowers maintain ownership rights. LoanWaleBaba provides this mortgage loan with adaptable conditions and competitive interest rates to give borrowers a dependable financing option that preserves property ownership.
