While India remains one of the fastest growing economies in the world, the FDI inflow continues escalating since the Make in India initiative and has presently reached 37%. Following this, the number of investments into the major revenue-generating sectors has grown considerably. This has led to an increased disposable income and subsequently a stronger economic India.
At times, arranging for big-ticket expenses can be challenging even for such an upcoming, stable economy. Thanks to reputed NBFCs, arranging for adequate funds to financially cover these high-end expenses is now possible. All that individuals need to do is apply for mortgage loan and avail it. Such advances bring with the featured advantage of having no end-usage restriction, and hence, the sanctioned amount can be used to finance diverse expenses.
Mortgage loans bring with it the convenience of requiring minimum eligibility criteria and documentation. On the contrary, the additional feature of pre-approved mortgage credits brings on a new edge for the existing customers of a financial institution.
Pre-Approved Mortgage Credits
Reputed lenders like Bajaj Finserv offer their existing customers pre-approved mortgage loans that are extremely beneficial considering the less time consumption required in availing such advances. This becomes possible because borrowers have a current credit history with the present financial institution that is acknowledged by the lender. It quickens the process to avail loans. Nevertheless, the approval of an advance is subjected to the furnishing of pertinent documents and meeting the minimum eligibility criteria and is followed by a hassle-free mortgage loan process.
Borrowers can conveniently avail the pre-approved mortgage loans by keeping in track of the following aspects –
- A healthy CIBIL score
Considering that pre-approved mortgage loans offer premium features, it is imperative that borrowers maintain a good credit score. This reflects the enhanced repayment capability of a borrower and hence makes him/her more liable to obtain such advances. Additionally, individuals can also avail the best terms and conditions on their financial deals with a CIBIL score. So, make sure to look into your credit rate before you apply for mortgage loan.
- A Good Repayment Track Record With The Nbfc In Discussion
Existing customers, on account of the pre-existing financial transactions with the lender in question, have a current credit history. Borrowers, thus, need to make timely repayment of the equated monthly instalments. It adds on to improve the repayment history with the NBFC and also has a positive impact on the credit history of the borrower. This further aids him/her in obtaining pre-approved mortgage credit.
- A well-maintained FOIR
Taking into account the fact that pre-approved mortgage loans are secured loans and hence offer high-value credit amount, lenders are particular about the borrowers. They look into the repayment capability of the individual by measuring in his/her current financial obligations.
Furthermore, borrowers also need to compute their repayment capability, and loan amount required followed by calculation of EMI with the help of loan against property EMI calculator. It will help them prevent any chances of defaulting. Ideally, the FOIR or Fixed Obligations to Income Ratio should be below 50%.
Make sure to opt for a lender like Bajaj Finserv, who offers an extended tenor, and a comparative rate of interest, so that you can avail affordable EMIs that cater to your financial requirements. Their Loan Against Property, a type of mortgage credit comes with pocket-friendly EMIs and other borrower-friendly features like quick disbursal of the loan amount.
They also bring you pre-approved offers that make the application process to avail financial aids convenient and hassle-free. These offers are available on numerous financial products that include both secured advances like home loans, and unsecured advances like business loans, personal credits, etc.
Now, take a look at the various requirements that you need to keep in mind to apply for a mortgage loan or a collateral advance.
Availing secured loans is comparatively easier considering the reassurance of a mortgaged property. In case of defaults, this can be liquidated to recover the outstanding loan amount. Hence, lenders are less stringent about the required eligibility criteria and documents –
- Eligibility Criteria
Borrowers can qualify for a loan against property by meeting these simple eligibility criteria –
- He/she should be between 33 to 58 (salaried), or 25 to 70 (self-employed) years of age
- A borrower must either have a regular source of income (self-employed) or be employed in an MNC, private or public sector.
- An individual should be an Indian citizen
residing in any of the lender-specified cities.
The documents that need to be furnished are as follows –
- Address proof
- KYC documents
- IT returns, latest salary slip (salaried)
- Bank account statement of the last 3 (salaried) or 6 (self-employed) months
Availing the pre-approved mortgage loan ensures a hassle-free and quicker loan against property process along with a host of other benefits.