Looking to buy a new house, renovate your existing home, pay for children’s education, apply for long-term working capital, invest in property, or other personal or business needs? LoanAxix has the widest range of mortgage loan solutions to make your dream property a reality. With different mortgage loan rates available, we’ll help you find the perfect loan for your needs. Mortgage loans are typically offered by banks or lenders as a type of secured loan used to purchase a home or property, or invest in personal or business needs. By pledging collateral or security, it helps to ensure that the loan will be repaid. This gives the lender a lien on the property pledged as collateral for the loan, entitled to claim on your asset until you repay the principal amount with interest as agreed upon by both parties involved in the exchange during the agreement.
With preapprovals, you will be able to make better decisions on the budgeting of your loan against the property you are purchasing. Now with pre-approvals made easier by LoanAxix financial partners, it is just a matter of minutes to avail of a loan of choice at lower interest rates and attractive deals.
With minimal documentation, disbursals are no longer about waiting for weeks or months to get the amount deposited in the bank. Quick disbursals have made it easier for anyone looking for emergency loans to apply and get it done with just a few steps involved.
With most lenders offering a vast range of benefits, many are open to offering a huge sum on the loan when their customers have met the eligibility and prerequisites of the lender.
Making regular payments on the loan can help boost your credit. This is a no-brainer when it comes to the financial market, however, mortgage loans have a high probability of boosting your credit when used appropriately. Especially with lower interest rates and flexible tenors at LoanAxix, this is easier than ever.
You can now avail tax benefits on mortgage loans when you have to pay the installments regularly. Several banks or lenders are offering convenient benefits for their credit-worthy customers by deducting their interest rates on mortgage loans.
Short-term or collateral-free loans have shorted tenures compared to long-term loans. However, fixed interest mortgages allow their customers to pay over an established period extended up to 30 years with some lenders. Although typically the maturity of the loan depends on the amount borrowed and can have larger repayment periods as per your choice, for 10, 15, or 30 years.
With LoanAxix financial partners you could potentially get up to 90% of your mortgage loan as an overdraft.
Fixed Rate Mortgage: The fixed rate loan offers a fixed installment opportunity regardless of the interest rate changes in the market. If a fixed interest rate is used, the fixed monthly installment amount can be calculated, and the customer can then know their loan liability over the set period accurately.
ARM Mortgage: An adjustable-rate mortgage is a type of home loan where the interest rate is fixed for a certain initial term, after which it will fluctuate depending on the existing financial market conditions. This means the interest rates may increase or decrease depending on the market fluctuations.
Rate Mortgage: In variable mortgage loans, the interest rate on your mortgage loan may change from time to time, depending on the base rate set by the bank. This, in turn, is influenced by the repo rate set by the Reserve Bank of India. How the economy and stock market are performing also has an impact on variable interest rates.
Reverse Mortgage: The borrower does not have to repay the loan in the reverse mortgage facility. Instead, the lender pays the borrower against the mortgage of the borrower’s residential property. Though not commonly offered, the borrower may check with the lender on his policies regarding the loan and may negotiate on their terms.
Usufructuary Mortgage Loan: This type of mortgage loan is known as a collateralized loan. With this type of loan, the asset that is used as collateral is transferred to the lender. The lender then has the authority to use the asset for a profit. This profit can then be used to offset the principal and interest amount of the loan.
Simple Mortgage Loan: In a typical mortgage, the borrower pledges their home as collateral for the loan. The property does not change hands, but the lender has the right to foreclose if the borrower fails to make payments.
Subprime Mortgage: If you’re looking for a loan but don’t have the best credit, a subprime loan could be a great option! These loans typically come with greater interest rates, but that’s because lenders are taking on a bit more risk with the borrower that may or may not default on the repayment. However, as long as you stay on top of your payments, you’ll be in good shape.
English Mortgage: In this loan arrangement, the ownership of the mortgaged property is transferred to the lender. Should the buyer default on repayment, the lender is then entitled to take possession of the property. Although possession rights remain with the lender, the borrower is allowed to occupy or rent the property.
Home Loan: The borrower may take out a mortgage loan to purchase a new house, or renovate an existing house. This loan amount may be used for any of his property needs, as long as he repays the amount regularly in the set intervals.
Commercial Property Loan: Taken popularly by business owners or entrepreneurs, these loans offer their borrowers a safe space to purchase commercial properties such as complexes, offices, shops, etc for their business purposes.
Second Mortgage Loan: Second mortgage loans or top-up loans are additional loans on top of the existing loans to fulfill the increased expenses or personal needs of the borrower. Although these loans are a lifesaver for those in need of extra money, the borrower will need to pay both the loans, existing and the new, simultaneously.
Loan Against Property: LAP or Loan against property is a secured loan with no end-use restrictions. You can avail of this loan against the property of your own, pledged to the lender until the loan is repaid in full.
Lease Rental Discounting: In this loan arranged against a leased property, the ownership or the title of the mortgaged property is transferred to the bank or the lender. For any reason, if the buyer defaults on repayment, the lender is then legally allowed to take possession of the property. Although the lender has the right to possess the property, the borrower is allowed to occupy or rent it.
Age: 21 – 65 years (Conditions Apply)
Type of Employment: Salaried/Self-Employed/Business Owner(Govt, Large Enterprises, Etc.)
Nationality: Resident of India
Type of Facility: Term/Demand/Overdraft
Security/Collateral: Commercial/Residential
Income: Monthly Minimum ~ Rs. 10,000/- and above (Salaried/Self-Employed), Minimum ~ Rs. 2,00,000/- p.a onwards (Business Owners)
Credit/CIBIL Score: Any profile(Credit score ~ 650 or above has a higher chance of getting a quick and instant loan with high funding at lower interest rates)
Employment Stability: 1 – 3 years and above (With a stable income and continual flow of money)
Salaried individuals: Passport-size photographs/Photo identity proof (Aadhar card, passport, PAN Card, Ration card, driving license, Form 60, voter ID card, etc.)/Address proof (Electricity Bill/Ration Card, Copy of Utility Bill/Insurance Bond/Bank Statements/Income Tax Assessment Order/Property Registration documents/Pensioner Book/Property Tax Receipt/Employer Certificate)/Latest salary slips for past 3 months/Form 16 issued by current employer/Latest bank statements for past 3 months
Self-employed professional/Business Owners: Passport-size photograph/Identity proof (Ration card, PAN card, Aadhar card, passport, driving license, voter ID card, etc.)/Business Registration Certificate/Financial statements for the last 3 years/Latest ITR certificates (last 3 years)/Profit and loss statement/Latest bank statements (6 months/As mentioned by the lender), The lender may also request to provide property-related documents(If the collateral is required)