Saturday, December 15, 2012

Make the most of Mortgage loan



Banks have different products for different needs of customers at different levels. Mortgage loan is one such product which will be of great help to customers who wants to avail loan for their personal, official or business needs. This product was designed by keeping all the customers in mind who has a property on their name and who wants to give it as security to raise funds from the market.

Mortgage loans ore provides to all income category persons who are salaried or self employed. The only condition to avail this loan is the applicants should have repaying capacity with a property which is clear in title and constructed or approved by the competent authorities.

Banks will fund up to a maximum of 60% of property cost by taking market value into consideration. Customers need to submit their income documents and all property related documents for this process. Banks will do all the required verifications over the customer profile and the property and disburse the loan after receiving satisfactory verification reports. This loan will be provided at a maximum tenure of 10 years with a min of 2% higher interest rates when compared to the home loan. 

Tax exemptions under section 80(c) are not applicable to any sort of mortgage loans. Customer can opt for loan linked life insurance even if it is a mortgage loan. It is not mandatory that the applicant should have a property registered on his name only, he/she can mortgage property which is registered on parents or wife’s name. They have to be the co-applicants in the mortgage loan who are equally liable to repay the loan if the applicant fail to pay in any case.

1 comment:


  1. Hello Everybody,
    My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius, call/whats-App Contact Number +918929509036 via email:(urgentloan22@gmail.com) Thank you.

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