A property loan, also known as a mortgage loan, is a type of loan provided by financial institutions to individuals or businesses for purchasing or constructing a property. Here's an overview of its features, eligibility criteria, and required documents:
*Features*
1. *Loan Amount*: The loan amount is typically a percentage of the property's value.
2. *Interest Rates*: Interest rates can be fixed or floating, depending on the lender and loan terms.
3. *Repayment Tenure*: Repayment tenure can range from 5 to 30 years.
4. *EMI*: Equated Monthly Installments (EMIs) include principal and interest components.
*Eligibility Criteria*
1. *Income*: Stable income, with a minimum income requirement varying by lender.
2. *Credit Score*: A good credit score (usually 650+).
3. *Age*: Typically, 21-60 years.
4. *Property*: The property should be a residential or commercial unit.
5. *Employment*: Stable employment or business.
*Documents Required*
1. *Identity Proof*: PAN card, Aadhaar card, passport, etc.
2. *Address Proof*: Aadhaar card, passport, utility bills, etc.
3. *Income Proof*: Salary slips, Form 16, income tax returns, etc.
4. *Property Documents*: Property title deed, sale agreement, etc.
5. *Bank Statements*: Recent bank statements.
Rate of Interest 3% Tenure 20 Years
