CREDIT SCORE CHECK ELIGIBILITY
CREDIT SCORE CHECK ELIGIBILITY
Our flexible and affordable Home Loan

Mortage Loan

Lonar's Mortgage Loan is the perfect product for all those dreams involving large funds. You can now utilize your commercial or residential property to furnish your current and prospective financial needs.
A mortgage loan is a loan sanctioned against an immovable asset like a house or a commercial property. The mortgage loan has no end-use restrictions. It can be used to fund overseas education, a wedding, or for any other emergencies, etc.
Our Mortgage Loan is available for both salaried and self-employed borrowers to help them fulfill their business and personal needs by mortgaging their property.

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Features of Mortgage Loan

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Attractive Interest Rates
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Longer Tenure, Smaller EMIs
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Easy documentation
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High Loan to Value Ratio
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Simple Repayments
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Search Property Services
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Eligibility Criteria

Mortgage Loan Eligibility

To get approved for a mortgage loan, you need to fulfil the eligibility criteria. Few listed below are general factors that determine your eligibility:
  • Indian Resident
  • Gross annual/monthly income
  • You should be at least 21 years while applying for a loan and at maximum of 65 years at the time of loan maturity > Valuation of your property
  • Your organization/business should be operational for the last three years
  • Your organization/business should be making consistent profits for the last two years
  • Graduate degree if you are employed with a private limited company or partnership firm. If you are employed with a Public limited company or MNC or Government or Public Sector Company, then there are no such criteria.
  • The present and the future income of the applicant(s) have a significant impact on determining the loan amount.
  • Income proof documentation
  • Existing liabilities
  • Number of dependants
List of documents

Required Documents

    For Salaried Applicant:

  • Duly filled loan application form
  • Passport-size photographs
  • Identity proof (PAN card, Aaadhar card, passport, driving licence, voter ID card, etc.)
  • Address proof (electricity bill, ration card, Aaadhar card, driving licence, rental agreement)
  • Latest salary slips
  • Form 16 issued by the employer
  • Latest bank statements
  • Processing fee cheque

    For Self-Employed Applicants:

  • Duly filled loan application form
  • Passport-size photograph
  • Identity proof (PAN card, Aaadhar card, passport, driving licence, voter ID card, etc.)
  • Business proof
  • Financial statements for the last 3 years
  • Latest income tax return certificates (last 3 years)
  • Profit and loss statement (P&L)
  • Latest bank statements

Frequently Asked Question

Just find your answers below
  • What can a loan against property be used for?

    Loan Against Property is primarily taken for the purpose of Business Expansion,Purchase of Machinery, Debt Consolidation, Funding your other business requirement.

  • What is a Loan Against Property (LAP) ?

    It is a loan against fully constructed, freehold residential and commercial properties for: Personal and Business Needs(other than for speculative purposes) like marriage, medical expenses and child's education etc. Existing Loan Against Property(LAP) from other banks and financial institutions can also be transferred to Lonar.

  • Who can avail of a Loan Against Property (LAP)?

    Loan Against Property(LAP) can be availed by both salaried and self-employed individuals for personal and professional needs(other than for speculative purposes) like marriage, Child's education, business expansion, debt consolidation etc.

  • What is the maximum term for which I can avail a Loan Against Property (LAP)?

    You can avail a loan against property for a maximum term of 15 years or till your age of retirement, whichever is lower.

  • How do I clear the monthly repayments for my mortgage loan?

    You can either make your payments with post-dated cheques or opt for a standing instruction like NACH. This ensures you don’t miss your due date and pay your outstanding balance on time. If you miss your payment, you will be charged a penalty fee.

  • Can I foreclose my mortgage loan?

    Yes, you can foreclose your mortgage loan. However, you will have to clear the entire loan amount before requesting foreclosure. Do note that a certain amount will be charged as pre-closure fees.

Lonar is a digital financial services company providing all types of lending solutions to make financial decisions easy, transparent, and convenient for you.

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F-85, First Floor, Nano Wing, Haware Fantasia Business Park, Sector 30A, Vashi, Navi Mumbai - 400 703
info@lonar.in
+91 80 9090 8020

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