by Shreekant Rao
Published Tue, Jan 10th 2017, 07:16 | Marketing
A mortgage loan is one of the easiest forms of finances that are available for people in dire need of money. Irrespective of the purpose as long as the activity is legal, the money you require can easily be borrowed by pledging your property to housing finance companies or banks. It is the practical thing that when you keep your property mortgaged then the requirement would be in lakhs or crores. Therefore, it’s important you get the best deal of mortgage loan at optimum interest rates. Traditional finances are way beyond costly, therefore, consumer approach housing finance firms or banks.
The reason why finance firms or banks offer mortgage loan at a low interest rate is because they have an assurance in the form of property with them. It is only in case if you’re not able to repay the money on time, your property will be seized by the bank. But rather taking it as negative aspect people should see the positive corner of mortgage loan that helps to bridge up the necessary financial need in time and fulfill your dream goals. The location, property value, debt free will play a crucial role in securing a suitable amount on your property. Besides, an individual income source, risk appetite, monthly installment paying capacity, credit score are other factors used to evaluate the loan value.
There is various reason why an individual might run into financial requirements and needs a quick access to fulfill their dream on time. However, while borrowing money it’s the interest rate that matters the most and mortgage loan just seems to be the ideal solution for the borrowers. There are several advantages of loan against property such as:
You get qualified up to 70% of the property value. A maximum of Rs 5 crore could be availed on your property. Processing time is much less compared to the new home loan application If the value of the property rises during the loan tenure you have a chance of additional top-up on your existing loan. One of the most convenient options for business oriented people. Banks & finance companies offer extremely convenient options such as part payment or foreclosure with a sufficient tenure of around 5 to 15 years for loan repayment. Finances could be borrower easily against a residential or commercial property.
In today’s time of uncertainties, it’s the mortgage loan that will be your companion towards meeting your varied needs for finances such as business needs, marriage, children education fees. Medical expenses or other personal needs. The loan can be availed against fully constructed, freehold residential and commercial properties.
Mortgage loan eligibility high depends on borrower’s credit history, income source, age, qualification, the number of dependents, spouse’ income, assets, liabilities, and job or business stability as well. Once the loan gets approved it is either disbursed in entire or installment as instructed by the borrower. They can choose either fixed or floating interest rates as per the financial expert guidance.
Some documents that are mandatory for loan application would be proof of residence, proof of identity, latest Bank Statement displaying a salary/income for the past 6 months, salary slip if employed, and relevant copies related to the mortgaged property. In case the borrower is self-employed, the certified financial statement for the last 3 years is required. So fulfill your needs now for better future tomorrow!