Why Mortgage Loan From Us ?
A Mortgage loans, are used by real estate buyers to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose while pledging mortgages on the property.
Loans are protected by the procedure known as mortgages on the borrowers property, which means the lender to take possession and can lend to a secure property, loan or otherwise fails to comply by its terms.
Benefits of Mortgage Loan
Lower Interest Rate: The rate of interest is generally lower when compared to personal loan.
Lower to no prepayment charges : You can close your loan against property by making prepayments towards your loan.
Easy to get : As these are secured loans, banks are more than willing to provide these loans.
Longer tenure : These loans are generally available for longer tenure going up to 15 years.
Lower EMI : Longer tenure, these become suitable for people who can’t afford paying higher EMIs.
Mortgage Loan required documents and criteria
- – Valid ID proof
- – Property Documents
- – Bank account details
- – Details of Income Tax Return
Higher loan amount – depending on the value of the property.
Higher Margin – Loan upto 40% of the property value can be obtained.
Competitive interest – This loan can be obtained in attractive interest rates.
Flexible Payment – A borrower can pay a loan through Flexible EMI.
The main month’s payment starts from the month after month in which you can get the full funding of your loan. The final payment is outstanding, you pay interest on the portion of the shared loan, EMI interest is payable every month from the date of each payment from the date of EMI.
You can take disbursement of the loan once the property has been technically appraised, all legal documentation has been completed. You can submit the request for the disbursement of your loan by visiting any particular bank branch or office.
Property transaction is a legal document executed on a stamp paper that records in writing the understanding between the buyer and the seller and all the details of the property such as area, possession date, price etc. According to many Indian states, the ‘Agreement to Sell’ is required to be registered by law, register the Agreement within four months of the date of the Agreement at the office of the sub registrar appointed by the state government, under the indian registration act.