05 January, 2018 Non Home Loans
A mortgage loan is considered one of the most secured loans which every financial agency or Bank always consider while providing a loan, as the person places his/her property as a security to raise the money for his/her financial requirement
India is a growing country and as such with a bullish market growth the existing firms are expanding their reach, while new players are placing a strong foothold in the market. With bigger plans and bigger ambitions, the firms and companies also required bigger financial backing, as such the mortgage loans in India are playing a crucial role as the banks and other financial institutions now have more confidence on their customers for repenting their loan amount on time.
Following are the points to a keep in mind while bagging the Mortgage Loan:
While applying for the mortgage loan in India you need to crosscheck your eligibility by checking the following factors:
2) Legal Document Assessment:
The Legal Documents needs to be checked on a frequent basis so that a proper track record of all papers can be maintained which are a mandate for grabbing a mortgage loan in India. following are the points to be taken care of:
The interest rate plays a crucial role in securing a suitable mortgage loan as the rate increases with the increased loan amount. The mortgage loan interest rate also depends upon your occupation, the property value and the CIBIL which evaluates your repayment capability. Following are the three types of mortgage loan interest rates provided:
• Fixed rate Mortgage Loan – Under this, the mortgage loan interest rate remains same throughout the loan tenure and monthly payment neither rises nor falls.
• Flexible or Adjustable Rate Mortgage Loan – The interest rate under this stays low in the beginning of the loan but later it can either increase or decrease, depending upon the loan amount left to be paid back.
4) Financial institution selection:
It is always smart to compare various financial institutions before selecting them as your primary money lender. Keep following points in mind before choosing your institution:
5) Additional fees and Charges:
it’s always advised to keep a check of all the charges that may go unnoticed while applying for may Mortgage Loan in India. Following are the charges to check:
• Processing fees – it’s a non-refundable fee collected by the institution for processing and handling your files, irrespective of the fact that your loan gets sanctioned or not.
• Legal fee – The amount charged by the lawyer on the institution for verifying the legal status of the property is also charged as a legal fee by the institution on the borrower.
• Penalty Charges – Some institutions also charge for prepayment of their mortgage loan depending upon the type of mortgage loan interest rate picked by the borrower.
However, all these fees and charges are not collected by all the financial institutions.
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