The loan which is secured by any type of collateral property is known as mortgage. Basically it is kind of an legally drafted loan agreement between two parties, lender and borrower. Lender has all the rights of the property. In this product, There is exchange for funds by the house purchaser to purchase property or a house. It has the commitment from that buyer to pay back the whole amounts within a limited time frame with a fix or decided cost. It is totally secured. It is legally binding and safeguard with the demand promissory note in giving the banker’s the right to have 100% creation of legal charge of the against the borrower’s residential or commercial property, if the borrower not able to repay his/her loan or he made defaults on the terms of the borrower agreements. Normally, the borrower physically hold the property, but in reality the bankers of the loan providers is the one who has the actual owner of the same property till the loan is completely paid off.
Mortgage – Repayments of loan:
It is usually to be repaid in the form of equated monthly installments that consist of the portion of interest and a principle part of the said loan. The principal part of the said loan is repayment of the actual amount which has borrowed by customers from the banks, which is reduced the balance of actual amount. Hence the complete interest is the second main part or we can say this is the most important part of the whole transaction. It is the fix & mixed component of lending cost and profitable interest amount. Bank gets these parts from the borrower as interest part per month with the principle part. A monthly equatable installment payment includes some interest and the principal part. In India mostly two types of repayments methods are working. One is called SI or standing instruction another one is ECS (Electronic clearance services) mandate facility. ECS facility is more flexible then SI. ECS mandate and SI both hit in borrower’s accounts on the fix monthly date of the EMI. This is authorized by the borrowers of bank account holders.
Mortgage – Apply for a Mortgage:
If you are the smart one then you must apply for the loan by searching online after comparing the best offer of the market by the lenders of banks. Always apply through online checking for any kind of loan product. Here you can check your loan eligibility against your monthly income, general required loan documents, and how many days will take for processing your application. We help our customers to compare the right loan product speedy way. Another traditional way is apply in bank or any other NBFC company by physically approaching. It might take least 4 to 5 days in just searching the best product program available in market by bankers. It is very difficult for any customer to visit everywhere and get proper information about the product.
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