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.

3 comments:

  1. This post is very useful for us. Because we have a lot of tips and tricks from this post. Thank you for this amazing post share.
    When Only the Best Loan will Do.We believe small business’s should flourish and prosper We are passionate about helping small business owners access the money they need to grow or manage their cash flow So we have taken the work out of getting a business loan And selected the best business loans in the market place for you.
    Business Loans

    ReplyDelete
  2. Hello Sir my credit usage and loan repayment behavior is really good. Can you please tell me the < Home Loan Eligibility Calculator . Will be thankful to you.

    ReplyDelete
  3. Thanks for sharing this post. This is very useful and informative with us. Unsecured Business loans UK for start-up gives you an opportunity to acquire funds without paper documentations and the approval comes the easy way with the broker’s guidance.

    ReplyDelete