Which factors affect mortgage loan eligibility?

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.

Documents Required for Mortgage Loan

A mortgage loan, or 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 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 simple, requiring minimal documents required for mortgage loan. However, it’s crucial to have the necessary documents ready to ensure a smooth approval process. This article outlines the eligibility criteria and essential documents required to apply for a mortgage loan, making the process hassle-free.

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.

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

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

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.