Eligibility and documents required for mortgage loan
A mortgage loan, also known as a loan against property, is an excellent way to secure funds for various personal or business needs, such as weddings, home renovations, overseas education, or business expenses. If you meet the mortgage loan eligibility criteria, you can avail of a loan up to Rs. 10.50 crore* with a flexible repayment tenure of up to 15 years*.
The application process is straightforward and requires only a few mortgage loan documents. Having the necessary documents ready not only speeds up the approval process but also ensures a hassle-free experience.
This article provides a detailed overview of the mortgage loan eligibility criteria and the essential mortgage loan documents required, helping you streamline your application and secure the funds you need effortlessly. Plan ahead and make your borrowing journey smooth and stress-free!
*Terms and conditions apply.
Whether you need to manage personal expenses such as a wedding, home renovation, overseas education, or fund business-related expenses, a loan against property can be a great solution to cover these costs. You can avail of a loan up to Rs. 10.50 crore* if you meet the eligibility criteria. The application process is hassle-free, with minimal paperwork. Ensure you have the necessary documents required for a mortgage loan to streamline your loan approval process.
Repay over a flexible loan against property tenure ranging up to 15 years*. Calculate your monthly instalments with our Loan Against Property EMI Calculator and know the convenient repayment schedule.
Documents required for mortgage loan
Below are the documents required for salaried and self-employed individuals who are looking for a loan against property
For salaried individuals*
- Latest salary slips
- Bank account statements of the previous three months
- PAN card/ Form 60 of all applicants
- ID proof
- Address proof
- Document of the property to be mortgaged
- IT returns
- Title documents
For self-employed individuals*
- Primary bank account statements of the previous six months
- PAN card/ Form 60 of all applicants
- Address proof
- ID proof
- Income documents like ITR returns and financial statements
- Documents of the property to be mortgaged
- Title documents
*Please note that the list of documents here is indicative. Additional documents may be required during loan processing.
Eligibility criteria for mortgage loan
You can easily qualify for the Bajaj Finserv Mortgage Loan with our relaxed eligibility terms that cater to both salaried and self-employed applicants.
For salaried
To get approval for a mortgage loan as a salaried individual, meet the following requirements.
-
Nationality
Resident of India, owning property at the following locations:
Delhi and NCR, Mumbai and MMR, Chennai, Hyderabad, Bangalore, Pune, Ahmedabad
-
Age
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)
* 85 years* of age or less at the time of loan maturity -
Employment
Salaried employee of any private, public or multinational organisation
For self-employed
Meet our simple criteria to avail a self-employed mortgage loan.
-
Nationality
Resident of India, owning property at the following locations:
Bangalore, Indore, Nagpur, Vijayawada, Pune, Chennai, Madurai, Surat, Delhi and NCR, Lucknow, Hyderabad, Cochin, Mumbai, Jaipur, Ahmedabad
-
Age
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)
* 85 years* of age or less at the time of loan maturity -
Employment
Self-employed individual with a steady income from business
Residence ownership proof (any one of the following):
- Property documents
- Maintenance bill
- Electricity bill
Copies of all property documents
- Sales deed/copy of agreement
- Share certificate (if society formed)
- Latest maintenance bill
KYC documents
- Passport size photos each of the applicant/ and co-applicant
- Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
- Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
For Companies, Partnership Firms, or Limited Liability Partnerships: Individuals holding more than 10% of shares, capital, or profit in the entity.
For Unincorporated Associations or Bodies of Individuals: Individuals with ownership exceeding 15% of the capital or profit.
For Trusts: The author of the trust, trustees, and beneficiaries having a 10% or greater interest in the trust.
List of eligibility criteria for mortgage loan
Meet the following mortgage loan eligibility criteria to avail the advance.
Eligibility Requirements |
For Self-employed Individuals |
For Salaried Individuals |
Age limit |
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)* 85 years* of age or less at the time of loan maturity |
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)* 85 years* of age or less at the time of loan maturity |
Employment status |
Must have a regular income source |
Must be a salaried individual employed with an MNC, a private company or a public sector company |
Residential status |
Should be a resident Indian citizen |
Should be a resident Indian citizen |
Maximum loan eligibility |
Up to Rs. 10.50 crore* |
Up to Rs. 10.50 crore* |
Availability of loan tenure |
Tenure flexibility of up to 15 years |
Tenure flexibility between 2 and 20 years |
How to apply for mortgage loan?
- Check eligibility: Ensure you meet the lender's eligibility criteria, such as age, income, credit score, and property type.
- Prepare documents: Gather the necessary documents, including identity proof, address proof, income proof, property documents, and photographs.
- Select a lender: Research various lenders and choose one that offers favourable terms, such as interest rates and repayment options.
- Submit application: Fill out the loan application form online or at the lender's branch with the required documents.
- Property valuation: The lender will assess your property’s value.
- Loan approval: Once approved, sign the loan agreement and receive the disbursed amount.
Beneficial owner details along with KYC documents as per below:
For Companies, Partnership Firms, or Limited Liability Partnerships: Individuals holding more than 10% of shares, capital, or profit in the entity.
For Unincorporated Associations or Bodies of Individuals: Individuals with ownership exceeding 15% of the capital or profit.
For Trusts: The author of the trust, trustees, and beneficiaries having a 10% or greater interest in the trust.
List of eligibility criteria for mortgage loan
Meet the following mortgage loan eligibility criteria to avail the advance.
Eligibility Requirements |
For Self-employed Individuals |
For Salaried Individuals |
Age limit |
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)* 85 years* of age or less at the time of loan maturity |
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)* 85 years* of age or less at the time of loan maturity |
Employment status |
Must have a regular income source |
Must be a salaried individual employed with an MNC, a private company or a public sector company |
Residential status |
Should be a resident Indian citizen |
Should be a resident Indian citizen |
Maximum loan eligibility |
Up to Rs. 10.50 crore* |
Up to Rs. 10.50 crore* |
Availability of loan tenure |
Tenure flexibility of up to 15 years |
Tenure flexibility between 2 and 20 years |
How to apply for mortgage loan?
- Check eligibility: Ensure you meet the lender's eligibility criteria, such as age, income, credit score, and property type.
- Prepare documents: Gather the necessary documents, including identity proof, address proof, income proof, property documents, and photographs.
- Select a lender: Research various lenders and choose one that offers favourable terms, such as interest rates and repayment options.
- Submit application: Fill out the loan application form online or at the lender's branch with the required documents.
- Property valuation: The lender will assess your property’s value.
- Loan approval: Once approved, sign the loan agreement and receive the disbursed amount.
Eligibility and documents FAQs for mortgage loan
You can easily apply for our loan against property through an online application process.
Once your application is approved, your mortgage loan amount is disbursed within 72 hours**.
**Conditions apply
You need to furnish KYC, income proof, address proof and the relevant property documents to apply for mortgage loan.
Multiple factors work in to determine mortgage loan eligibility. Check out the following list of criteria that affect eligibility requirements.
- Age of the applicant
- Employment status, i.e., salaried or self-employed
- The organisation of employment for salaried employees
- Source of income for self-employed individuals
- Residential status of the applicant
- City of residence
The mortgage loan amount available for an applicant further depends on the current market value of property to be mortgaged and the Loan to Value (LTV) ratio extended by the lender.
Yes, property-related documentation is mandatory for a mortgage loan. It includes documents like the title deed, property ownership proof, and property valuation report, which help verify the property’s legal standing.
Yes, digital copies of documents are typically accepted for mortgage loan applications. However, you may need to submit the originals or certified copies during processing for verification purposes.
Yes, NRIs must submit additional documents like a valid visa, passport, proof of NRI status, and income statements from abroad, alongside standard documents like ID proof and property documents.
Yes, co-applicants are required to submit their own documents for a joint mortgage loan. These include identity proof, income proof, address proof, and property documents to ensure smooth processing and approval.
Typically, it takes 72 hours* of approval and subject to receipt of all applicable documents and basis risk policy to receive a loan against property after submitting all required documents, subject to verification and lender’s internal processing timelines.
Yes, a copy of the property title deed is mandatory for a mortgage loan, as it proves ownership and legal rights over the property being mortgaged.
Yes, if you have a co-applicant, their KYC and income documents are required to assess combined eligibility and repayment capacity.
Yes, lenders generally require recent passport-sized photographs of the applicant and co-applicant as part of the mortgage loan documentation.
Yes, utility bills like electricity, water, or gas bills are commonly accepted as valid proof of address for mortgage loan applications.
While not submitted by the applicant, lenders pull your credit report during processing to evaluate your creditworthiness for the mortgage loan.
Yes, if a guarantor is involved, their identity proof, address proof, income documents, and KYC are required to support the loan application.
