A mortgage loan is a secured loan taken to purchase a property/home. It is a loan in which property or real estate is provided as collateral.
Mortgage Loan Workflow
Following are the steps involved as part of application submission:
How to reach here:
Dashboard > Mortgage Loan
To apply for mortgage loan
Loan Requirement
Field Name |
Description |
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Help us understand your loan requirements |
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What is your purpose for this loan ? |
The reason for which the loan application is being made. |
Loan Amount |
The loan amount that you would like to borrow. |
Loan Term |
The tenure of the loan in terms of years and months to repay the loan amount. |
Is there a co-applicant |
You can identify whether a co-applicant is to be added to the application or not. |
Is Co-applicant an existing user |
Indicates whether the co-applicant is an existing user. This field is displayed, if you have selected Yes, in the Would you like to add a co-applicant? field. |
Co-applicant Customer ID |
You are required to enter the co-applicant’s customer ID, if the co-applicant is an existing user. This field is displayed, if you have selected Yes, in the Is co-applicant an existing user? field. |
Send Verification Code via |
Indicates the channel on which the verification code is to be sent. The options are:
This field is displayed, if you have selected Yes, in the Is co-applicant an existing user? field. |
In this section enter information like salutation, first name, middle name and last name.
Field Name |
Description |
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Salutation |
Identify your salutation. The options are:
|
First Name |
Enter your first name. |
Middle Name |
Enter your middle name here. This field is optional. |
Last Name |
Enter your last name. |
In the property information section enter the property details like property type, subtype, purchase price, ownership and address of the property.
Field Name |
Description |
---|---|
Property Details |
|
Ownership Type |
You are required to identify if the property is to be owned jointly or not. This field will be displayed only if you have added a co-applicant in the Loan Requirements page. The options available for selection are:
|
Owners of the Property |
Depending on the option selected in the Ownership Type field, this field will either be a drop-down or a read only field. If you have selected option Single in the Ownership Type field, this field will be a drop-down which will list down the names of the applicants. You can select either your name or the co-applicant’s name to indicate the owner of the property. If you have selected the option Joint in the Ownership Type field, this field will be read only which will display the names of both you and your co-applicant, indicating that the property is going to be owned by both. |
Type of Property |
The type of the property that you are planning to purchase i.e. residential property, commercial property, etc. |
Sub-Type |
The sub type of the property within the type of property i.e. Property under construction etc. |
Purchase Price |
Specify the purchase price of the property. |
Address of the Property |
|
Country |
Specify the country in which the property is located. |
Address Line 1-2 |
Specify Address details of the property. |
City |
Specify the city name in which the property is located. |
State |
Select the state where the property is located. |
Zip Code |
Specify the zip code of the property. |
Is this your primary place of residence? |
Indicates whether the specified property is the primary place of residence. |
This section displays the total fees that are applicable on the loan application, the total cost which is the sum of the estimated value of the vehicle and the fees, as well as any amount that needs to be contributed by you which is the difference between the amount of loan you have requested and the total cost.
You can click or the Modify option to edit either the estimated value of vehicle or the amount of loan you are requesting if the contribution amount is not suitable to you. Once the values displayed are suitable, click on Accept and Continue to proceed to the next step in the application.
Field Name |
Description |
---|---|
Property Purchase Price |
The purchase price of the property as defined by you in the previous section. |
Requested Loan Amount |
Loan amount requested by you to purchase the property in the requirements section. |
Total Fees |
It is the total fees to be paid for loan processing. |
Lenders Mortgage Insurance |
It is the insurance amount applicable against the mortgage loan. |
Total Cost |
Total cost of the loan. i.e. property purchase price + total fees + lenders mortgage insurance. |
Your Contribution |
The amount to be contributed by you towards the purchase of the property. This amount is the difference between the total costs to purchase the property and the requested loan amount. |
In the primary Information screen enter the information like salutation, first name, last name, date of birth, citizenship, etc.
Field Name |
Description |
---|---|
Salutation |
Your salutation as captured in the applicant information section. The options are:
|
First Name |
Your first name as entered in the Applicant Information section is displayed. You can update this value if you wish to. |
Middle Name |
Enter your middle name here. If you have already entered your middle name in the Applicant Information section, it will be displayed here. You can update this value if you wish to. |
Last Name |
Your last name as entered in the Applicant Information section is displayed. You can update this value if you wish to. |
Date of Birth |
Enter your date of birth. |
Gender |
Specify your Gender. |
Marital Status |
Select your marital status from the list. The options are:
|
Number of Dependents |
Specify number of people dependent on you. |
Country of Citizenship |
Select the country of which you are a citizen. |
Permanent Resident |
You are required to identify whether you are a permanent resident. |
Country of Residence |
This field is enabled only if you have identified that you are not a permanent resident by selecting No in the Permanent Resident field. In this case, you are required to identify the country in which you reside. |
In this section, specify the identity details such as identity type, ID number and expiry date.
Field Name |
Description |
---|---|
Identity |
|
Type of Identification |
The identification that you want to provide as proof of identity. The identification type could be:
|
ID Number |
Enter Identification number corresponding to the identification type. |
Expiration Date |
Enter the date on which your identification document will expire. This date can be found printed on your identification document. The system will validate if the expiration date has passed or if it is a valid date i.e. not one that is too ahead in the future (the number of years will be defined by the bank) and will display an appropriate error message. In this case, you can either modify the expiration date or select a different ID to submit as proof of identity, one that has a valid expiration date. |
In the contact information section enter the contact details including your email address, phone number and current residential address
You will be required to enter details of your previous residence if you have stayed at your current residence for less than the amount of time required. This amount of time is defined by the bank in terms of years.
Contact Information (Current and Previous Residential Address)
Field Name |
Description |
---|---|
Residential Address |
|
Country |
Enter the country name in which you reside. |
Address 1-2 |
Enter your Address details. |
City |
Enter the name of the city in which you reside. |
State |
Select the state from the list. |
Zip Code |
Enter your Zip code. |
Staying Since |
Date since which you have been residing at the current address. If you identify a date that is less than the minimum amount of time required for you to have resided in the current residence, the system will display fields in which you can specify you previous residence address. |
Accommodation Type |
The type of accommodation in which you reside. The accommodation types are:
|
Previous Residential Address |
|
Country |
Select the country where you resided previously. |
Address Line 1-2 |
Enter address details of your previous residence. |
City |
The city in which you resided previously. |
State |
The state in which you resided previously. |
Zip Code |
Enter the zip code where you resided previously. |
Accommodation Type |
The type of accommodation in which you resided previously. The accommodation types are:
|
|
|
|
Enter your email address. |
Please confirm your email ID |
Re-enter your email ID to confirm the same. |
Phone Number |
|
Phone Type |
Select the phone number type that you want to define as primary contact number. The options are:
|
Primary Phone Number |
Enter your phone number corresponding to the selected phone type. |
Add an alternate phone number |
You can select Yes if you want to add an alternate phone number. It is not mandatory to add an alternate phone number. |
Phone Type |
Type of phone number that is being added as an alternate number. The options are:
This field is displayed if you select Yes in the Add an alternate phone number field. |
Alternate Phone Number |
Alternate phone other than primary phone number. Phone number corresponding to the selected alternate phone type. |
Default as that of Primary Applicant |
Indicates whether address details of co-applicant is same as primary applicant. This field appears if you select Yes in the Is there a co-applicant field in the loan requirement screen. |
The Landlord Details section appears if you select Rented or Leased option in the Accommodation Type list.
Contact Information (Landlord Details)
Field Name |
Description |
---|---|
Rented |
|
Landlord's Full Name |
Specify full name of the landlord. |
Country |
Specify country name where the landlord resides. |
Address Line 1-2 |
Specify address details of the landlord. |
City |
Specify the city name where the landlord resides. |
State |
Specify the state name where the landlord resides. |
Zip Code |
Specify the zip code where the landlord resides. |
Mobile Number |
Specify the mobile number of the landlord. |
In this section, enter details of your employment over a defined period starting with your current primary employment. The details required are type of employment, employment status, date on which specific employment was started and if you are salaried or self-employed, the company or employer name. If the amount of time at which you have been employed in your current employment is less than the required amount, the system will display fields in which you can enter details of previous employment.
Field Name |
Description |
---|---|
Employment Type |
The type of your current primary employment. The types are:
|
Employment Status |
The status of your employment. The options in this field will depend on your selection as employment type. The options are:
|
Employer Name |
The name of the company or firm in which you are employed. |
Start Date |
Enter the date on which you started at current employment. |
Designation |
Enter your designation with the current employer. |
Gross Annual Salary |
Enter your gross annual salary with the current employer. |
Country |
Select the country in which you are currently employed. |
Address Line 1-2 |
Enter your employer’s address. |
City |
Enter the city in which you are currently employed. |
State |
Select the state name where you are currently employed. |
Zip Code |
Specify the zip code of the location where you are currently employed. |
In this section enter details of all income that you want to be considered to be the basis on which you will repay the loan. You can add multiple records of income up to a defined limit. Click the icon to add additional income records and the
icon against a specific record to delete it.
Field Name |
Description |
---|---|
Primary Income |
|
Income Type |
The source of your primary income. Examples of source of income can be rental income, salary, etc. |
Gross Income |
Gross amount of income earned. |
Net Income |
Net amount of income. The net income field will be defaulted with the gross income amount entered and can be changed. |
Frequency |
The frequency at which you earn the particular income. Examples of income frequency can be Monthly, Yearly, etc. |
In this section enter details of all expenses you incur on a regular basis. You can add multiple expense records up to a defined limit. Click the icon to add additional expense records and the
icon against a specific record to delete it.
Field Name |
Description |
---|---|
Primary Expense |
|
Type of Expense |
The type of expense. Example - household, school fees, etc. |
Total Expense Value |
The total value of expenditure against the specific type identified. |
Frequency of Expense |
The frequency at which you incur the specific expense. By default the value Monthly will be selected and can be changed. |
In this section enter details of all assets owned by you. You can add multiple asset records up to a defined limit. Click the icon to add additional asset records and the
icon against a specific record to delete it.
Field Name |
Description |
---|---|
Primary Assets |
|
Type of Asset |
Type of asset owned by you. Examples of assets are – Home, Savings account with bank, etc. |
Value |
The market value of the asset. |
In this section enter details of all your liabilities. You can add multiple records up to a defined limit. Click the icon to add additional records and the
icon against a specific record to delete it.
Field Name |
Description |
---|---|
Primary Liability |
|
Type of Liability |
Select the type of liability you want to define. The liability type could be, home loan, personal loan, credit card, and others. |
Original Value |
Identify the original value of the liability. |
Outstanding Value ($) |
Enter the current outstanding value of the liability. |
This section displays all the product offers applicable to you. You can select any one offer that best suits your needs.
It will display all the information you have entered in the application. You can verify that all the information provided by you is correct and make any changes if required.
The confirmation page is displayed once you have submitted your application. This page displays the current status of the application along with details of any further steps that might be required to be taken. The application reference number, by which you can track the status of your application, is also displayed on this page. Additionally, the options to register (if you are a new customer and have not yet registered with the bank) and to track the application are also provided on this page.
To register an applicant:
Register Applicant
Field Name |
Description |
---|---|
|
Enter the email ID with which you would like to register. |
Confirm Email |
To confirm the email ID re-enter the email ID entered in the Email field. |
Verify |
Click on this link to verify the email ID entered. A unique security code will be sent to the email address defined and a pop up window will be opened in which you can verify the email ID by entering the security code in the specified field. |
Password |
Enter a password to be used for the purpose of registration. You will be required to enter this password when you log-in to the system in the future. |
Confirm Password |
Re-enter the password as that entered in the password field. |
Field Name |
Description |
---|---|
Verification Code |
Enter the security code sent to the email ID you have defined in the registration screen. |
Field Name |
Description |
---|---|
|
The email ID of the co-applicant. This field will be displayed only if the co-applicant involved in the application is not registered with the bank. |
The option to cancel the application is provided throughout the application and you can opt to cancel the application at any step.
To cancel an application:
Cancel Application
Field Name |
Description |
---|---|
Reason for Cancelling |
Indicate the reason for which you are cancelling the application. This is an optional step. The cancellation reason could be:
|
Please Specify |
This field is displayed if you have selected the option Others as Reason for Cancelling. Specify the reason for which you are cancelling the application. |
There are two scenarios in this case:
All saved applications will be available in the app tracker under the In Draft tab. You can select any application to resume the application submission process.
To save an application
Save and Complete Later
Field Name |
Description |
---|---|
|
Enter the email ID with which you would like to register. |
Confirm Email |
To confirm the email ID re-enter the email ID entered in the Email field. |
Password |
Enter a password to be used for the purpose of registration. You will be required to enter this password when you login to the system in the future. |
Confirm Password |
To confirm the password re-enter the password entered in the Password field. |
An application form being initiated by an existing user will differ from that of one being initiated by a new/unregistered user. If you are applying for a loan as an existing user, once you login to the system after having entered your login credentials, the application form will be displayed with all your personal details pre-populated in the respective fields and sections. You will, hence, be required to only specify details pertaining to the loan. The sections that will be pre-populated with your information are Primary Information, Proof of Identity, Contact Information, Employment Information and Financial Information including Income, Expenses, Assets and Liabilities.
The Application Tracker enables you to view the progress of submitted applications and also to retrieve and complete applications that have been saved. Through the application tracker you can perform the following actions:
To track an application
Submitted Application
Field Name |
Description |
---|---|
Loan Offer Name |
The name of the offer for which the application has been made. |
Application ID |
The application reference number as generated by the bank at the time the application was submitted. |
Progress Bar |
The current status of the application will be displayed graphically with the help of a progress bar. |
Loan Amount |
The requested loan amount. |
Applicant Name |
The names of both the primary and co-applicant will be displayed here. If no co-applicant has been added, only the primary applicant’s name will be displayed. |
Submitted On |
The date on which the application was submitted. |
Status |
The current status of the application. |
Field Name |
Description |
---|---|
Loan Offer Name |
The name of the offer for which the application has been made. |
Application ID |
The application reference number as generated by the bank at the time the application was submitted. |
Progress Bar |
The current status of the application will be displayed graphically with the help of a progress bar. |
Loan Amount |
The requested loan amount. |
Applicant Name |
The names of both the primary and co-applicant will be displayed here. If no co-applicant has been added, only the primary applicant’s name will be displayed. |
Submitted On |
The date on which the application was submitted. |
Tenure |
The term of the loan. |
This section allows you to view and configure the features of the loan account.
Field Name |
Description |
---|---|
Pay only interest for the initial period |
You can identify if you wish to pay only interest during the initial period of the loan by selecting the option Yes in this field. |
Interest Only Term |
If you have identified that you want to pay only interest during the initial period of the loan, you will then have to identify the period for which you would like to only pay interest. You can identify this period in terms of years and months. This field is displayed if you select the option Yes in the Pay only interest for the initial period field. |
Principal and Interest Repayment Frequency |
You can specify the frequency at which you would like to repay the principal and interest to the bank. The frequency could be:
|
Fixed rate for the initial period |
You can identify whether or not you would like to be charged a fixed rate of interest on the loan for the initial period. |
Fixed Rate Term |
If you have identified that you would like to be charged a fixed rate of interest for the initial period, you will then be required to identify the period for which you would wish to be charged the fixed rate. You can identify this period in terms of years and months. This field is displayed if you select the option Yes in the Fixed rate for the initial period field. |
Avail Redraw Facility |
You can identify whether or not you would like to avail of a redraw facility on the loan. |
Statement Required |
You can identify whether you want to receive the loan statement. |
Statement Frequency |
If you have stated that you wish to receive the loan statement, you will be required to specify the frequency at which to receive the statement. This field is displayed if you select the option Yes in the Statement Required field. |
The Account Summary section enables you to view basic details of the loan account
Field Name |
Description |
---|---|
Account Summary |
|
Rate Type |
Indicates the rate type of the loan, it could be fixed or variable or both. |
Frequency |
The principal and interest repayment frequency. The frequency could be:
|
Term |
The loan term. |
Approximate Repayment Amount |
The approximate amount that has to be repaid towards the loan. |
Field Name |
Description |
---|---|
Application Summary |
|
Applicant Name |
The names of the applicants will be displayed here. |
Purpose |
The purpose for which the loan was applied. |
Requested Amount |
The amount for which the loan is applied. |
Approved Amount |
Loan amount approved by the bank including the fees, and other costs. |
Tenure |
Loan repayment tenure. |
Loan Date |
Loan application date. |
This section lists down all the fees that are applicable on the loan.
Field Name |
Description |
---|---|
Application Fees |
|
Fees |
All the fees applied are listed down with the amount charged displayed against each fee type. |
This section displays the status history of the loan application i.e. the various stages through which the loan application has gone along with the current status.
Field Name |
Description |
---|---|
Status History |
|
State |
The status of the application. |
Remarks |
Displays the remarks, if any. |
Acted By |
The User ID of the person that updated the status of the application. |
Updated On |
The date on which the specific status was updated. |
Document Upload
Document upload enables you to upload the documents that are required for the application processing. You can upload multiple documents against a document type. You can also delete any document that has been uploaded previously.
To upload / remove a document:
Note: Click to remove the uploaded document.
Field Name |
Description |
---|---|
Choose File |
On selecting this link, the browse option is opened, by which you can select the required file to upload. |
Accept / Reject Offer
Once the account configuration is completed and required documents are uploaded, offer is generated and made available in the tracker for you to view, download, and provide acceptance / rejection.
To accept / reject an offer:
Accept / Reject Offer
Field Name |
Description |
---|---|
Offer Letter |
Displays the generated offer letter. |
Offer Letter Acceptance |
In order to accept the loan offer, you will be required to accept the terms and conditions of the loan. Select the check boxes to accept the specific terms and conditions defined. |
Accept/Reject Offer |
Select the appropriate option in order to accept or reject the offer. In order to accept the offer, select the Yes button. In order to reject the offer, select the No button. |
The option to cancel the application once submitted is provided in the application tracker and is available only if the application has not yet been processed to completion.
In order to cancel an application from the app tracker, select the Cancel option available on the application tracker details page and follow on with confirming the cancellation.
FAQs
Can I change the contribution amount as part of funding information?
I am an existing customer of the bank but do not have channel access, how can I proceed?
Can I proceed with the application if I am not an existing channel user?
Why am I required to specify whether I am a first time home buyer or not, in the application?
Why am I asked to capture previous residential address details?
Why am I being asked to capture previous employment details?
Is it mandatory to change the default configuration for an account as part of application tracker?
Can the co-applicant perform all the pending tasks in the application tracker?