What the FAQ's
We will determine your loan eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependents, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.
EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full. The EMI comprises of the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.
You can apply for a Home Loan at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced.
Security of the loan would generally be security interest on the property being financed by us and / or any other collateral / interim security as may be required by us.
It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.
An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.
Any borrower who has an existing home loan with another bank/HFI in which he/she have had a regular payment track of 12 months, can avail a balance transfer loan from MENTOR.
It is a loan for renovating (without altering the structure/carpet area) your home in ways like tiling, flooring, internal / external plaster and painting etc.
MENTOR disburses loans for under construction properties in installments based on the progress of construction. Every installment disbursed is know as a 'part' or a 'subsequent' disbursement.
Step 1: Submit loan application with all required documents for KYC, Income, Property title and Valuation.
Step 2: Official visits for Filed Investigation, Personal Discussion & Tele-verification.
Step 3: After clearance of all queries related to Income, Property Title and valuation, the sanction decision is made.
Step 4: Submission of all requisite Documents for Disbursal, post verification the Disbursal is made, depending on the Loan type.
All key internal processes are handled by a dedicated and knowledgeable in-house team to ensure your application is given due attention and to maintain the highest level of confidentiality.
No, you would need to show a bank statement for the past 6 months.