Mortgage loans are also synonymously called loans against property, taken against an asset (property/real estate) to avail funds. The asset could be an immovable asset such as a house, or commercial property, offered as collateral to the lender (bank).
Yes. All applicants must submit bank statements as part of the financial mortgage loan documents. Salaried individuals must submit bank statements for the last 3 months, whereas self-employed persons and firms/companies, must submit bank account statements for the last 6 months.
The paperwork needed to process the loan must be submitted during the application. If you apply at a branch, you will need to submit it then or you can upload it digitally when applying online.
Yes. The income documents required for a LAP loan for a firm or company include ITR for the last 2 years, GST returns, P&L statement, and the balance sheet of the past 2 years.