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Competitive Mortgage Loan Interest Rate In India
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If you seek financial assistance from external sources for your personal or commercial use, you can make the most of your idle property and approach a Bank or financial institution for the same. With the increasing number of lending institutions in the country, it has become possible to apply for aloan that will fulfill your needs. A mortgage loan is a form of a secured loan which is obtained against the hypothecation of an asset. The loan can be applied for personal or for business purpose. You can make use of your idle asset and apply for a loan that will help you meet your financial needs. The loan can be repaid in equal monthly installments and will carry a low rate of interest.
The eligibility criterion is the minimum age requirement of 25 years with a consistent business or employment and the valuation of property should be above 50 lacs. You need to provide clear documentation of the property in order to ensure that the loan is approved under your name. If there are joint owners of the property, the owners will become co applicants to the loan. The entire process of application is transparent and simple. There is the documentation requirement of income proof, address proof, identity proof and documents about the property. You can also use rented out property to pledge or use your own property. In addition, land, farm house, nursing home and hotels can also be used to pledge against the loan.
Compare the mortgage loan interest rate in the market before you approach for the loan. Consider the terms and conditions offered by different financial institutions in order to make a well informed decision about the loan. Once you apply for the loan, the financial institution will appoint a valuer who will determine the market value of your property. Based on the market value, the loan amount will be sanctioned. Usually about 40-60% of the value of the property is sanctioned as the loan amount. Due to increasing competition in the industry, the mortgage loan interest rate is falling down which means this is the right time to make an application. You can use the amount for your personal or commercial use.
It is important to note that in case of a mortgage loan. you need to pay the EMIs on time. If you default in the payment of EMI, the financial institution could obtain the possession of the property and auction the same. Hence, it is important to keep in mind that you must not default in the payment of the EMI. You can use the EMI calculator which is available online in order to determine the approximate amount of EMI payable by you. Do not agree on a higher EMI in order to repay the loan quicker. You might not be able to meet the monthly payment and this could put you into trouble. Consider your current financial income before making the decision on the amount of EMI.
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