RTR

There are multiple organizations and products abbreviated as “RTR.” In mortgage lending, people often refer to mortgage servicing companies such as Real Time Resolutions (RTR) or use the term generally for mortgage/home loans. Since no specific lender was mentioned, here's a general mortgage loan guide covering eligibility, application process, interest rates, charges, FAQs, and visuals.

Criteria	Salaried	Self-Employed
Minimum Age	21 years	23 years
Maximum Age at Maturity	65–70 years	65–70 years
Income	Stable salary	Stable business income
Credit Score	Preferably 700+	Preferably 700+
Employment/Business History	2–3 years	3+ years

Typical ranges seen in the market:

Interest can be:

• Fixed Rate
• Floating Rate

---

Common Charges

Besides interest, lenders may charge:

Borrowers frequently report valuation, legal, documentation, and registration-related expenses during mortgage processing. 

1. What credit score is required?

Most lenders prefer a score above 700, with better rates often available above 750.

2. Can I prepay my mortgage?

Many floating-rate home loans allow prepayment without penalty, while fixed-rate loans may have charges.

3. How long does approval take?

Usually 3–15 working days depending on documentation and property verification.

4. Can I apply jointly?

Yes. Spouses, parents, and other eligible co-applicants can often combine income to improve eligibility.

5. What is the maximum tenure?

Home loans commonly offer up to 30 years, while Reverse Mortgages generally have a maximum tenure of 20 years.

6. Can NRIs apply?

Many banks and housing finance companies provide mortgage products for NRIs, subject to eligibility requirements.

7. What happens if I miss EMIs?

Late payment charges apply, credit scores may be affected, and prolonged defaults can lead to recovery proceedings.

Step 1: Check Eligibility

• Calculate income and EMI affordability.
• Review credit score.

Step 2: Gather Documents

• PAN Card
• Aadhaar Card
• Salary slips / ITR
• Bank statements
• Property papers

Step 3: Submit Application

Apply online or at a bank branch.

Step 4: Verification

The lender performs:

• Credit assessment
• Legal verification
• Property valuation

Step 5: Sanction Letter

The lender issues:

• Approved loan amount
• Interest rate
• Tenure
• Terms and conditions

Step 6: Loan Disbursement

Funds are released after documentation and mortgage creation.