Now avail Mortgage Loan from Micro finance Companies. As we are aware about our financial market and it make in line as it starts from RBI to PSU Bank, Private Bank, Co operative bank, NBFC and other micro finance companies in India. In our life sometime we are in to urgent requirement of cash funds and at that time we try everywhere and want to get funds from anywhere. Even we are ready to borrow money against security collateral it may be our fixed asset like unmovable property like your home or commercial property.
If your property has all legal papers and have complete legal document and other permission to construction and other aspects as well as your income support ability than only you are proper eligible for getting financing from any of reputed banks and financial institutions in India. Otherwise you have to wait for any traditional money lenders. Also whether they offer loan to you or not it is completely their choice.
Microfinance Company: A finance company which has got all the approvals from RBI to run his business for rural market to cater the untouched segment of emerging India. Microfinance Company has complete infrastructure like other NBFC. Microfinance companies policy are slight flexible than any of bank and other finance company, just they do not have their own funds, they raise funds from local or foreign investors and these investors comes as equity partner. Interest rate is the challenging part of the business because they are lending funds at 18% to 26%.
The interest rate is high but they have sufficient customer base. They lend their fund against property, and even they are not doing hard credit. They do not lend high ticket size loan as mortgage maximum amount of funding is average of Rs. 25 Lacs in urban and not more than 15 lacs in rural areas. Now lots of companies are doing well in mortgage for example some of Microfinance Company in India like Vistaar Finance, Subham Housing, and Ujjivan Housing etc.
Mortgage Loan from Microfinance Companies is costly sometimes but the loan is for those customers who are not eligible from banks or reputed finance companies. It is good to get loan from anywhere instead of any private money lender because after all your valuable property involves in the transaction and it always must be in safe hand.
Your credit report is one of the most important factors when it comes to deciding your eligibility for a particular loan.
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