Embedded Files
A mortgage loan is a safe loan that enables you to access money by giving the lender security in the form of an immovable asset, such as a home or commercial property. Until you pay back the debt, the lender retains the assets.
TYPES-
HOME LOANS
COMMERCIAL PROPERTY LOANS
LOAN AGAINST ASSET
Mortgage loans are valuable loans because of their lengthy repayment terms, low interest rates, larger loan amounts, interest deductions on income tax returns, part-repayment options with no fees (up to 25% of the outstanding loan amount once per financial year), and many other significant advantages. Mortgage loans are used to finance home improvements, company expansion, medical costs, debt consolidation, and other purposes.
The requirements for mortgage loans vary greatly between banks and NBFCs. Maximum loan amounts from nationalised banks are 55% of market value (excluding SME or project loans). In addition, global banks account for up to 65% of market value. And NBFC increases to 75% of market value. Interest rates vary depending on the bank.
For short to long terms, mortgage loans are available. It is available to you depending on your financial situation and age restriction (5 to 15 years). By making partial or additional payments, you can potentially modify your home debt. Both options are constantly available for your loan: first, you may rebuild your loan term; second, you can rebuild your EMI. Following 12 EMIs, all banks and NBFCs provide top-up loans based on the market value and your financial situation.
Floating rate mortgage loans are available. But since the RBI changed its rules, no bank may offer a mortgage loan with a fixed rate for the duration of the loan. Banks do not provide fixed rates for the entirety of mortgage loans. The base rate determines the floating rate. Therefore, any adjustments made by the RBI will have a direct impact on the interest rate on your mortgage loan. Your rate will also reduce if it decreases, and vice versa if it increases.
Some banks and NBFCs have conditions they apply before closing a mortgage loan. If you prepay a loan with your own money, there is a 2 percent penalty; however, there is an additional 2 percent penalty if you transfer the debt to another financial institution. It also depends on company's internal policy.
ELIGIBILITY
For Salaried:
Applicant should be Indian Citizens
Applicant must be Minimum age required is 21 years and Maximum 55 years.
Applicant must be working in current companies from last 6 months and 3 years overall but if customer is working with cat A company then stability is not necessary.
Customer is must having a salary account.
If customer is working with Super Cat A company then Minimum take mortgage salary required – Rs.20, 000/- and above per month. If customer is working with Cat A or any listed company in bank’s approved list then Minimum take mortgage salary required – Rs.25, 000/- and above per month. If customer is working with any small Pvt. Ltd company or with government sector then Minimum take mortgage salary required – Rs.25, 000/- and above per month.
Residence-either Owned, rented or company provided.
Mobile postpaid is mandatory for only some of banks.
For Self Employed:
Minimum 4 Years old business required
Minimum turnover is required more than 25 lacks
1 year old current account required. Loan amount calculation is as per FOR calculator
Loan amount is depends on average IT Return of last two years.
Business registration must require just like Shop Establishment, VAT, CST, GST Turnover and IT Return must be increased rather than last year.
No EMI Bounce allowed in last 3 Month and 1 allowed in last 6 Month
Inward cheque return should not be more than 2% of total Transaction.
Banking should not be deep more than 30% of Total Turnover
Important Note: – Above all rules are not compulsory for mortgage loan. All MNC Banks and NBFC are taking deviation in mortgage loan. Some banks are doing loan even though week documentation in mortgage loan.
Page updated
Google Sites
Report abuse