What is Mortgage Loan and how to get it?

How to take loan against property? , When we take a loan by mortgaging our house or property, it mortgage loan is called This loan is also called mortgage loan. In this article, we are going to get complete information about Mortgage Loan in Hindi because before taking a loan, you need to know about Mortgage Loan.

Many banks and financial institutions are providing loan against property at attractive interest rates. In a way, this loan is unlike a home loan. Because we take home loan to build or buy a house, but mortgage loan is taken by mortgaging the house or own land.

What is Mortgage Loan in Hindi ?

We need money all the time. Banks and financial companies offer many types of loans to meet the money needs of the people. One of these is mortgage loan which you can take for any type of your expenses. Mortgage loan interest rate also varies depending on the lender which depends on several factors.

The loan amount given under the mortgage loan depends on the policy of the bank or financial institution and the condition of the property. This loan is also called secured loan. Because lenders take your property as security for giving loan.

When you take a loan against your property Loan Against Property is called | This loan is offered for residential or commercial property. Under this loan, you can mortgage the valuable papers of your property. Loan Against House Registry can take

The amount received under Mortgage Loan can be used by the customer to fulfill any of his business or personal needs. If you are not able to repay your loan on time, then the bank recovers your money by selling your mortgaged property.

HIGHLIGHTS:

Article	What is Mortgage Loan?
loan name	Mortgage Loan or Mortgage Loan
beneficiary	Citizen
lender	Bank & NBFC
amount to be given	depend on the lender
Rate of interest	depend on the lender
Application Mode	online / offline

Mortgage Loan Interest rate 2022

Before taking a mortgage loan from any bank or financial institution, you need to be aware of its property loan interest rate. Mortgage loan interest rate depends on many factors such as the applicant’s CIBIL score, age, employment status, income, place of residence etc.

If you fulfill all the conditions of this loan of bank or financial company, then you can get this loan at low interest rate. The higher the interest rate of your loan, the higher will be your EMI which can put you in trouble later.

You should compare mortgage loan interest rates from different lenders so that you can find the cheapest loan.

Benefits and Features of Mortgage Loan

• When any person needs money, he takes a loan by mortgaging his property or house, this loan is called mortgage loan or mortgage loan (Mortgage Loan) says
• If you are not able to repay the loan amount to the bank on time, then your money is recovered by selling the mortgaged property by the bank.
• When you take a loan by selling your property, it is also called loan against property.
• Under this loan, you can get a loan on the registry of your house.
• Loan can be taken for any business purchase.
• Generally, you can get a loan amount of 80% or more of the value of your property under mortgage loan.
• You can pay the loan amount through EMI.
• You can also prepay your loan to reduce the loan EMI burden.
• You can easily apply for a mortgage loan by visiting any bank or financial institution.
• The loan tenure of this loan is up to 15 years.
• The repayment period of the mortgage loan is decided by the Housing Finance Companies (HFCs).
• The way you down for a home loan, the down payment amount in a mortgage loan can be as high as 10-20%.
• When you take a loan against the property, you have to pay an interest rate of 1.5%-2% higher than that of the home loan.
• The balance of this loan keeps on decreasing on a daily, monthly or yearly basis.
• If you have an old house then you can take a loan against the old house.

Mortgage Loan Eligibility

There are different types of eligibility to apply for a loan in different banks and financial institutions. You can get more information about eligibility by visiting the bank where you are applying for this loan. Some of the general eligibility are as follows:

• Any person who is in dire need of money can take advantage of this loan.
• The minimum age of the applicant should be 23 to 25 years and the maximum age should be between 65 to 70 years.
• If you have a stable employment then you can get an instant loan up to a higher loan amount.
• Before giving loan, the credit history of the applicant is checked, so your credit history should be good.

What are the documents required to take loan on land

The documents demanded by each lender can be different, so whenever you are applying for a loan, you need to go to the bank and get information about the documents. Some of the required documents are as follows:

• filled application form
• KYC
• Aadhar card
• pan card
• driving license
• Voter ID Card
• lease or rent agreement
• Income Proof: Balance Sheet, P&L Account, Bank Account Statement for the last six months, ITR Statement for the last three years.
• Business Proof: Service Tax, Excise, Sales Tax, VAT Registration, Business License, Partnership Deed, Certificate of Practice.

How to take loan against property?

If you fulfill all the conditions of Mortgage Loan, then you can apply for it both online and offline. You can understand the process of applying from the steps given below:

Mortgage Loan Online Apply:

• To apply online, you have to first go to the official website of the bank or financial institution for which you want to apply.
• After visiting the website you mortgage loan Click on the option of
• All the information related to the loan will come in front of you.
• To apply, you have to click on the option of Apply Online.
• The loan application form will open in front of you.
• Enter the requested information in the form and submit the form.
• After that the bank employees will contact you and the loan process will be issued further.

How to apply for mortgage loan offline?

• First of all you have to go to your nearest branch of the financial institution or bank.
• Go to the bank branch and contact the bank employee.
• The bank employee will provide you all the information related to the loan.
• Then your documents will be verified.
• You have to fill an application form.
• The form has to be submitted there.
• In this way your offline application will be done.

Mortgage Loan EMI Calculator

Before applying for any mortgage loan, you should calculate the EMI (Equated Monthly Installment) of that loan. By calculating the EMI of your loan, you can find out how much installment you will have to pay at the time of loan repayment and you can plan for the loan accordingly.

The EMI of the loan depends on the loan amount, interest rate and loan tenure. Online by visiting the official website of the bank or financial company you are applying for mortgage loan. Property Loan Calculator With the help of this you can calculate the EMI of your loan.

You can calculate the mortgage loan EMI of various lenders and apply for the cheapest loan. Generally people want to know that to calculate how much loan one can get on 1 bigha of land, you have to use calculator.

conclusion

In this article we have Mortgage Loan Process in Hindi Provided complete information about You can take advantage of this loan to meet any of your needs.

This loan is given to you on your property, so we advise you that whenever you take this loan from any bank or company, you should have complete information about it. If you still have question in your mind that how to take loan on land by 2022 then you can write to us in the comment below.

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