Mortgage loans in India were previously supplied mainly by the financial institutions but now many commercial banks in india are providing mortgage based loans against property on an attractive rate of interest.
All Businessmen, self employed professionals, salaried customers are eligible to apply for the Mortgage loan in india. Banks in india enables the borrower to apply for a loan against a fixed asset.
Mortgage Loans in india are provided for the purpose of repayment of the previous loans and for undertaking renovation and repair works of the residential property.
Maximum Amount of Mortgage Loans Offered in india-
The maximum amount of loan depends on a number of factors, like customer’s profile, his financial standing and repayment capacity, tenure of the loan.
Mortgage Loans Approval Process in india -
Customers can apply for mortgage loans in india by filling an online form. They can also visit the nearest branch of a particular bank. Normally, banks charge 1-2% of the actual loan amount as processing fee.
Services offered under the Mortgage loans in India -
- Home equity loans
- Mortgage refinancing
- Real estate lending
- New home loans
- Debt consolidation
Documents Required for Approval of Mortgage Loans in india -
- Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
- Address Proof (Ration card/ Tel or elect. Bill/ / Passport copy).
- Bank Statements(latest 6 months bank statement /passbook).
- Proof of ownership of fixed asset being mortgaged.
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