This is a product where a mortgage loan is secured by the security collateral of residential, commercial or any other kind of property and that the applicant is paid back to the property loan providers. The repayment terms of the loan is predefined by the bank at the time of disbursal of the loan. Financial institution offered an interest against landing the loan and the same is mutually agreed by the customer. Generally interest rate calculated on yearly basis and it has the component of interest & principle part. The combination of both parts is called EMI. The customer has to pay back the mortgage amount as monthly EMI till the loan is cleared.
The loan funded for long tenure and offered for maximum tenure of 15 years also. This is the second largest profitable product for all banking and all NBFC companies. Net revenue income is more than 16% while completion of the loan tenure. Normally the processing time to avail the loan facility is around 7 to 12 days. It is known as loan against property & secure property mortgage loan.
Banks have specific product program to cater this customer segment. Banks start loan funding from Rs. 1 Lakh to 20 crore. The bank takes property as security collateral and fund against the same. This property must be freehold property. If has already loan funded,against the same from any other bank or finance company then bank can buyout the existing loan amount from previous bankers.
Dealsofloan ‘Mortgage Loan’
We are here to help our all customers to select the right mortgage loan product at lowest interest rates. We have tied up most of the banks and finance companies in India. They provide the maximum loan at minimum interest rate and they are providing mortgage in just 7 to 8 working days. Customers need to compare the lowest rate and other fee & charges while filling online application for any kind of service. Customers can avail up to 75% loan against the current market valuation of the given property. Banks funds against the market value of residential property as compare any commercial or industrial property. Clear title of the property is necessary for any loan. Tile deed of documents is an agreement which get registered at the time of purchase or sale any kind of property at joint registrar office. SBI is providing maximum value of loan amount and it can go up to 80% in Pune. But it is clear sole decision of the SBI. .