Overview

A mortgage loan is a type of secured loan where you can avail funds by providing your asset as collateral to the lender. This is a popular form of financing as it helps the borrower avail a high loan amount and prolonged repayment tenor.

A mortgage is usually a loan sanctioned against an immovable asset like a house or a commercial property. The lender keeps the asset as collateral until the borrower repays the total loan amount.

Types of Mortgage

• â–º Home loans
• â–º Commercial property loans
• â–º Loans against properties

A home loan or a commercial property loan can be availed only to purchase a home or a commercial space respectively. On the other hand, a loan against property has no end-use restrictions. It can be used to fund overseas education, a wedding, a home renovation, etc.

You can avail the fastest Loan Against Property from Servzoneand benefit from disbursal of laon amount within 4 days.

Key Features

✶ Quick Processing Servzone processes the loan within 72 hours of applying provided you fulfil of all eligibility criteria.

✶ Simple Eligibility Criteria The Servzone Mortgage Loan eligibility is very simple. You have to be between 33 and 58 years of age if you are salaried and between 25 and 70 years if you are self-employed to apply for a loan. You need to have a stable source of income as well as a good credit history.

✶ Limited Documents Requirement You have to provide only a few documents including your KYC, address proof, documents of the property to be mortgaged, bank account statements, salary slips, and income tax returns to avail a mortgage loan.

✶ Affordable Mortgage Loan Interest Rates Mortgage loan rates are lower in comparison to unsecured loans, making it easier for you to repay.

✶ Flexible Repayment Tenors The repayment tenor for salaried individuals ranges from 2 to 20 years. For self-employed individuals, the tenor ranges from 2 to 18 years.

servzone offers the fastest Loans Against Property in India including Mortgage loans. Find the loan amount disbursed to your account within 4 days after processing.

About the Loan Against Property

A loan against property is a secured loan that is sanctioned keeping an asset as mortgage with the lender. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.

This type of secured loan can be an alternative for unsecured personal loans as it also has no end-use restriction. However, the loan amount can be much higher and the tenure is also longer in this case. Loan against property interest rates are considerably lower as compared to any unsecured loan.

You can use these loans for business purposes like purchasing machinery, buying raw materials, purchasing equipment, funding of working capital, debt consolidation, etc. This type of loan can also cater to personal requirements like wedding, higher education, home renovation, buying a new home, managing medical expenses, etc.

Following are some of the Loan Against Property features offered by Bajaj Finserv:

✶ High Loan Amount You can get up to Rs. 1 crore if you are salaried and up to Rs. 3.5 crore if you are self-employed.

✶ Quick Disbursal You can get your loan processed in just 72 hours and loan amount disbursal within 4 days

✶ Convenient Repayment Tenor

Servzone provides loan tenures ranging from 2 to 20 years for salaried individuals and 2 to 18 years for self-employed.

✶ Minimal Documents Loan Against Property documentation requirements are simple. You can also get your documents collected from your doorsteps when you apply for the loan.

✶ Easy to Fulfil Eligibility Criteria Loan against property eligibility criteria are easy to fulfil.

✶ Easy Balance Transfer Facility Transfer your outstanding loan balance to Servzone by providing only a few documents. You can also avail a top-up at the same time

You can apply for Loan Against Property easily. Just fill in your personal details, provide your documents, and have your loan approved in no time.

Working flow

Mortgage loans are secured in nature. A borrower must mortgage a property with the lender to avail this type of a mortgage loan. The collateral is held by the lender until full repayment of the loan is done. The loan is repaid through equated monthly instalments or EMIs.

The mortgage loan repayment schedule is calculated on the basis of amortisation. It refers to the process of calculating the amount of EMI. The value mainly depends upon the mortgage loan interest rates and the principal loan amount.

At the initial stages, the interest component will constitute a larger part of your EMIs as compared to the principal amount. As you continue through the repayment tenure, the principal component of your EMI will increase while the interest value will decrease. However, the total EMI value will remain constant throughout the tenure.

Some other features of mortgage loans include:

✶ High-Value Loans A salaried individual can avail up to Rs. 1 crore, while a self-employed individual can avail up to Rs. 3.5 crore.

✶ Longer Repayment Tenors The repayment tenure ranges from 2 to 20 years for salaried customers and 2 to 18 years for self-employed customers.

✶ Competitive Interest Rates Mortgage loan interest rates are lower than the interest rates of unsecured loans.

✶ Minimal Documents

You only have to provide few basic documents to avail a mortgage loan. Servzone processes the fastest Loans Against Property in just 72 hours along with loan amount disbursals within 4 days.

✶ Simple Eligibility Criteria The mortgage loan eligibility criteria can be fulfilled easily. You have to be within the age bracket of 33 and 58 years if you are salaried, and between 25 and 70 years of age if you are self-employed. A good CIBIL score will further ease the loan approval process.

Process for Loan Against Property

A loan against property is a secured loan with no end-use restrictions. You need to keep your property like a house or a commercial premise as collateral to avail such loans. These loans have a high loan-to-value and long repayment tenors. You can utilise the loan amount for various purposes like business expansion, education, debt consolidation, medical expenses, etc. After full repayment of the loan, you can regain the property documents that you have pledged as collateral.

Availing a Loan Against Property from Servzone is easy and usually involves the following steps:

• â–º Apply for a Loan Against Property by filling in an online form.
• â–º Our call centre representative will get in touch with you in 24 hours and confirm your details.
• â–º Our representative will also provide you with the initial loan offer that you are eligible for in just 48 hours.
• â–º Post this, you can submit your documents to our representative from the convenience of your home or office.
• â–º Your documents and property is verified after and your loan is processed in 72 hours.

Benefits

✶ Longer Loan Tenor Tenor ranges from 2 to 20 years for salaried individuals and 2 to 18 years for self-employed.

✶ High Amount Availability You can get up to Rs. 1 crore if you are salaried and up to Rs. 3.5 crore if you are self-employed.

✶ Minimal Documentation Minimal Documentation The loan against property documents required are few and are processed in just 72 hours. You also have the option to avail the doorstep service for submitting your documents.

✶ Simple Eligibility Criteria The loan against property eligibility criteria for Servzoneis simple. If you are a salaried individual, you have to be between 33 and 58 years of age. If you are self-employed, you have to be between 25 and 70 years of age.

✶ Flexi Hybrid Feature The Servzone Flexi Loan facility allows borrowers to pay interest only for the funds utilised. The interest is charged only on the withdrawn amount and not on the total sanctioned limit.

You can also withdraw the required funds from a pre-sanctioned limit and pay only the interest part as EMIs.

So, avail the fastest Loan Against Property from Servzone today and find the loan amount disbursed to your account within 4 days.

Types of LAP

Mortgage loans in India are available under 6 different mortgage types. Under Section 58(a) of the Transfer of Property Act, 1882, mortgage’s definition stands as a specific immovable property’s transfer of ownership to secure payment of funds against it, extended as a mortgage loan in the form of credit.

6 Types of Mortgages in India:

✶ Simple Mortgage Here, the borrower simply mortgages the immovable asset personally to avail a loan. The lender has the right to sell mortgaged property in case of repayment failure.

✶ Usufructuary Mortgage In this, the property’s possession is transferred to the lender who can receive rents or profits from it without creating any personal liability on the borrower.

✶ English Mortgage It establishes personal liability on the borrower, and the mortgaged property is transferred to the lender on the condition that successful loan repayment will lead to recovery.

✶ Mortgage By Conditional Sale Here, a mortgagor sells his/her property with terms that it becomes effective if he/she defaults in repayment but turns void on successful repayment.

✶ Mortgage By Title Deed Deposit

The borrower deposits the title deed of the property to be mortgaged with the lender against the loan to avail.

✶ Anomalous Mortgage A mortgage that doesn’t come under any of the above mortgage types is an anomalous mortgage.

Sevzone offers Mortgage Loan at suitable mortgage interest rates to finance your big ticket purchases.

These loans are a mix of the above types of mortgage to provide you with the best possible features. Avail them by following simple Mortgage Loan process.

Different Various

• â–º Home Loan
• â–º Loan Against Commercial Property
• â–º Loan Against Residential Property
• â–º Land Purchase Loan
• â–º Loan to purchase another commercial property
• â–º Lease Rental Discounting

Check Mortgage Loan eligibility requirements carefully before applying. Also, know the Mortgage Loan interest rates to plan your finances accordingly.

LAP For Self-Employed

Servzone offers different types of Mortgage Loans with high loan amounts for the borrower to both financially meet personal and professional needs. Business owners can use this Mortgage Loan for self- employed to fund their business operations.

Also known as Loan Against Property for self-employed, it successfully meets the expansion needs of a business.

Uses of a Mortgage Loan for Business Activities

✶ For Business Expansion Use the funds from a Loan Against Property to finance your business expansion. Establish a new office branch, hire staff and install necessary equipment with a high loan value of up to Rs. 3.5 Crore.

✶ Renovation Of Office Space Meet any renovation requirements of your office space such as new furniture and fixtures, redesigned interiors, workstation updates and more with the Servzone home renovation loan.

✶ Installation Of Advanced Equipment And Machinery Advanced machinery and equipment are crucial to maintain business efficiency in today’s competitive market. Avail a loan at affordable Mortgage Loan rates and repay conveniently with flexible repayment tenure to finance upgraded equipment.

✶ Recruitment Of Qualified Personnel Hire fresh talents with higher qualifications to make your business more productive. Cover the required expenditures with the Servzone Mortgage Loan.

✶ Meeting Working Capital Needs Meet your working capital needs and maintain optimum cash flow with this loan. Know the Mortgage Loan eligibility criteria and documentation requirements to avail it with ease.

✶ To Stock Up Inventory Keep your business’s inventory stocked up with the funds obtained through this loan.

✶ Investing In Marketing And Advertisement With no end-use restrictions, you can utilise the loan amount to finance your marketing and advertising campaigns necessary to improve revenue generation. So, fill up the online application form for a Mortgage Loan for self-employed to get hassle-free approval and disbursal within 4 days from the date of approval.

Some facts for Avail Reverse Mortgage Loan

The reverse mortgage has gained popularity lately for its easy availability and assurance of security for senior citizens throughout their retired life. It gives access to finances as a recurring cash flow against the mortgage of a residential property.

Payments received under the reverse mortgage scheme are tax-free. However, you must ask yourself a few questions before availing this finance. With options like servzone Loan Against Property, the questions on reverse mortgage further gain importance.

Ask Yourself these Questions before Availing Reverse Mortgage Loan:

How Long Do You Wish To Stay In Your Home?

The loan suits borrowers who wish to stay for a long duration in their mortgaged residential property as vacating it permanently invites loan settlement. If you have plans to shift elsewhere, consider availing a Mortgage Loan from Servzone

Are You Eligible To Avail This Loan?

To apply for this loan, the applicant must be at least 60 years of age. The mortgaged residential property should be more than 20 years old. Also, you must be residing in it permanently. If you find any of the criteria challenging to meet, check out the simple mortgage loan eligibility and documentation requirements you need to meet for a Loan Against Property from Servzoneand follow the simple Mortgage Loan process to apply.

What Will Be Its Impact On Your Heirs?

Reverse mortgaging a home provides financial security in old age but puts the burden of repayment on the property heir/s. To avoid this, you should opt to avail a total loan amount which is lower than the property valuation. Alternatively, apply for servzone Mortgage Loan. Fill up the online application form and receive approval immediately. The repayment tenure is long and convenient, which makes it easy to repay.

How Will It Affect Your Spouse Financially?

A loan on reverse mortgaging may lead to foreclosure after the borrower’s death, leaving the spouse in a financial fix. To avoid this, make your spouse a co-applicant.sOn the contrary, eliminate any such risk by applying for a ServzoneLoan Against Property across attractive Mortgage Loan interest rates and nominal additional charges