Overview of Mortgage Loan in Sonipat
Mortgage loans in Sonipat leverage property as collateral for personal or business needs, ideal for industrial growth areas.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Applicant Type | Individuals or businesses |
| Age | 21–65 years |
| Income | ₹3 lakh p.a. minimum |
| Credit Score | 700+ |
| Property Type | Residential or commercial |
| LTV | Up to 70% of property value |
Documents Required
- Identity Proof: Aadhaar, PAN Card
- Address Proof: Utility bill, Aadhaar
- Income Proof: ITR (2 years), salary slips
- Property Documents: Title deed, valuation report
- Bank Statements: Last 6 months
Benefits of Mortgage Loan in Sonipat
- Competitive rates starting at 9% p.a.
- Loans up to ₹1.5 crore for personal or business needs
- Flexible tenures up to 20 years
- Quick processing within 15–30 days
- Use property as collateral for funds
Compare Mortgage Loan Lenders in Sonipat
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| ICICI Bank | 9% p.a. | Up to ₹1.5 crore | 20 years | 0.5% |
| SBI | 9.25% p.a. | Up to ₹1 crore | 15 years | 0.4% |
| Axis Bank | 9.5% p.a. | Up to ₹75 lakh | 15 years | 0.6% |
Frequently Asked Questions
What is a mortgage loan in Sonipat used for?
It can be used for personal needs, business expansion, or debt consolidation using property as collateral.
What properties are eligible for a mortgage loan in Sonipat?
Residential or commercial properties with clear titles are eligible.
How long is the approval process for a mortgage loan?
Typically 15–30 days, depending on property valuation and documentation.
What is the maximum LTV for a mortgage loan?
Up to 70% of the property’s market value.
Can I prepay my mortgage loan?
Yes, with minimal or no prepayment charges, depending on the lender.
What happens if I default on a mortgage loan?
The lender may seize the property after legal proceedings, per RBI guidelines.
Promotional Offers
- Interest rates starting at 9% p.a. for mortgage loans in Sonipat
- Low processing fees until 31st May
- Free property valuation check via Loanpao