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About Mortgage Loans

Mortgage Loan takes into account the quickly developing Personal and business money related needs. The loan can be profited both as Term Loan (EMI) and as an Overdraft Facility.A mortgage loan is the point at which you vow your property as security to verify reserves. You can obtain this kind of loan from a few driving banks and money related foundations in India. You’re offered aggressive interest rates and financing of up to 60% of the enrolled estimation of your property.

A mortgage loan is a loan with a lien on land so the bank has insurance until the loan is reimbursed. On some random date, the borrower is at risk for the unpaid principal balance in addition to any accumulated interest cost up to that point. It is normal for mortgage loans to require month to month interest and principal installments that will reimburse the principal balance over various years.

In bookkeeping, the borrower’s accounting report will report a present risk for 1) the principal installments that will come due inside one year after the monetary record date, and 2) any accumulated interest that is owed as of the asset report date. (Interest for future bookkeeping periods isn’t accounted for as an obligation.)

The borrower’s monetary record will likewise report a noncurrent obligation for the distinction between 1) the complete unpaid principal parity owed as of the date of the accounting report, less 2) the principal installments that are accounted for as a present risk.

The bank’s accounting report will report a present resource and a noncurrent resource for the principal balance receivable and any gathered interest receivable. These sums will be symmetrical to the sums revealed as liabilities on the borrower’s accounting report for a similar date.

This is a generally useful credit office for example to address real issue based costs viz-marriage/restorative/instructive costs/fixes/redesign/expansion to the living arrangement/business property/buy of buyer durables or any unanticipated costs, and furthermore for interest in business, to address credit issues of exchange, business exercises, other true blue prerequisites of business/calling

If you have an existing Loan, we helps you to take over the loan from your current to a new bank with less interest rate based on your eligibility and also helps you to Top up the loan with more amount.

Required Documents

NRI
  • Salary Certificate in Company Letter head /6 months pay slips
  • Copy of Job Contract, Passport and Visa
  • One year bank statement in which salary is credited
  • NRE bank account statement one year (Local bank)
  • Qualification Proof (if professional)
  • Job ID card
  • Pan card, Adhaar card
  • Co-Applicant Details (Photo, ID ,Address proof )
  • Two year income tax return (except gulf NRI’s)
  • Loan sanction letter & loan track (starting to till date)
SALARY CLASS
  • Salary Certificate in Company Letter head /6 months pay slips
  • Copy of Job Contract
  • One year bank statement in which salary is credited
  • Form 16 , ITR and computation (2018 and2019 march)
  • Qualification Proof (if professional)
  • Job ID card
  • Pan card, Adhaar card
  • Co-Applicant Details (Photo, ID ,Address proof )
  • Loan sanction letter & loan track (starting to till date)
PROPRITORSHIP
  • 3 years ITR .computation and Balance sheet
  • One year bank statement (S B a/c, C A a/c, O D a/c )
  • Local body licenses/ GST regi, MSME, Pollution, food and safety, export and import license (submit if you have)
  • Loan sanction letter
  • Loan track (starting to till date)
  • Business profile
  • Rental agreement (shop, godown )
  • Other loan details, loan track, loan closing letter
  • Photo , Pan card ,election card , Driving License, Ration card (h/w)
  • GST monthly return(April 2019 to till months)
  • Two year GST. Annual return
COMPANY/ PARTNERSHIP/TRUST
  • Company memorandum and articles / Partnership deed/ trust deed
  • Registration certificate
  • Pan card
  • Three years ITR ,computation and Balance sheet
  • One year bank statement (S B a/c, C A a/c, O D a/c )
  • Local body licenses/ GST regi, MSME, Pollution, food and safety, export and import licence……etc (submit if you have)
  • Business profile
  • GST Annual return (2018 march . 2019 march)
  • GST Monthly return (2019 Aril to till month)
  • Two year ITR, Computation, one year bank statement(Directors/ partners/ trust)
  • Directors: other loan details, loan track, loan closing letter
  • Photo , Pan card ,election card , Driving License (directors/ partners/ trust)
  • Loan sanction letter
  • Term loan statements(starting to till date)

Property details

  • Document of the property
  • Prior documents
  • Encumbrance certificate for last 30 years
  • Possession and non attachment certificate
  • Land tax receipt
  • Building tax receipt
  • Location sketch and certificate
  • Approved Building plan and permit
  • Estimates( construction/ repair and maintains )
  • Sale agreement copy(purchase )

 

 

Features

All loans are not created equal, Loans has become a great option for people to use.

Faster Loan

Cochin Financial Services helps you to get the loan faster than any other consultants! Starting from document prepartion, our main motto is to get you the money!

Choose amount

All charges are communicated up front in writing along with the loan quotation, and let us know how much money you want and we set strategy accordingly.

Enjoy the best rates

Our loan rates and charges are very attractive. We always get you loan for the best interest rates in the market. Its upto us to get you a hassle free loan.

Decide your tenure

As our loan rates and charges are very attractive, we help the clients to workout on tenure which never become a burden for them. We works for you.

 

Loan Eligibility

Salaried applicants need to satisfy the following home loan eligibility criteria.

Home Loan Eligibility CriteriaSalaried Employees
Eligible Age (Min-Max)The applicant’s age should be minimum 24 years and maximum 60 years at the time of applying for a home loan if the applicant is a salaried employee.
Eligible IncomeSalaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities.
Minimum Loan AmountThe salaried applicants can avail a personal loan starting from ₹100,000, based on their eligibility.
Maximum Loan AmountThe salaried applicants can avail a personal loan up to ₹35 Crores, based on their eligibility.
Eligible City180 Cities across India.
Co-applicantNot mandatory, but only immediate family members can apply as a co-applicant.
EmploymentThe salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company.
CIBILRequired (750-900)

 

Self-employed applicants need to satisfy the following home loan eligibility criteria.

Home Loan Eligibility CriteriaSelf-Employed Professionals
Eligible Age (Min-Max)The applicant’s age should be minimum 24 years and maximum 65 years at the time of applying for a home loan if the applicant is a self-employed professional.
Eligible IncomeSelf-employed applicants should have a minimum monthly income of ₹36,000 per month in a metro city, and a minimum monthly income of ₹30,000 in other cities.
Minimum Loan AmountThe self-employed applicants can avail a home loan starting from ₹100,000, based on their eligibility.
Maximum Loan AmountThe self-employed applicants can avail a home loan up to ₹35 Crores, based on their eligibility.
Eligible City180 Cities across India.
Co-applicantNot mandatory, but only immediate family members can apply as a co-applicant.
EmploymentThe self-employed applicants should have a minimum of 5 years of turnover, before they can apply for a home loan.
CIBILRequired (750-900

 

 

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Your bank will assess your repayment capacity while deciding the home loan eligibility. Repayment capacity is based on your monthly disposable / surplus income, (which in turn is based on factors such as total monthly income / surplus less monthly expenses) and other factors like spouse’s income, assets, liabilities, stability of income etc. The main concern of the bank is to make sure that you comfortably repay the loan on time and ensure end use. The higher the monthly disposable income, higher will be the amount you will be eligible for loan. Typically a bank assumes that about 55-60 % of your monthly disposable / surplus income is available for repayment of loan. However, some banks calculate the income available for EMI payments based on an individual’s gross income and not on his disposable income.

The amount of the loan depends on the tenure of the loan and the rate of interest also as these variables determine your monthly outgo / outflow which in turn depends on your disposable income.

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You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest. Repayment by way of EMI starts from the month following the month in which you take full disbursement.

The longer the tenure of the loan, the lesser will be your monthly EMI outflow. Shorter tenures mean greater EMI burden, but your loan is repaid faster. If you have a short-term cash flow mismatch, your bank may increase the tenure of the loan, and your EMI burden comes down. But longer tenures mean payment of larger interest towards the loan and make it more expensive.

Yes, most banks allow you to repay the loan ahead of schedule by making lump sum payments. However, many banks charge early repayment penalties up to 2-3% of the principal amount outstanding. Prepayment penalty may vary according to the reasons and source of funds – if you obtain a loan from another bank for pre-payment the charges are usually higher than when you pay from your own sources. However, you may credit more than your EMI amount into your loan account on a periodic basis and bring down your interest burden as and when funds are available with you. Most banks do not charge a pre-payment penalty if you deposit more than your EMI payable on a periodic basis. Please check such stipulations while availing the loan.

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Now apply for a Loan online, All you need to do is provide your details below application form.



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