Mortgage loan interest rates definitely have enough phenomenal impact on the customer’s overall eligibility for loans. This is happening the rate of interest component can be increased the monthly EMI and it has become applicable on any new mortgage loan. Such property loan EMI is confirmed at the time of product disbursement. While any of loans EMI do not vary and after all the entire terms of mortgage against property. Searching the low property loan rates at the time of availing the property mortgage makes the customers eligible for large amount.
The USP of mortgage loan lenders in India is that it has fix criteria for which all the bankers normally consider a customer to be eligible for property loans. Bankers check about the intention, capabilities & previous credit history of the customers. Another the most common factors in all of them is the actual income of the first applicant. This total income always should be adequate or higher than the applicant’s average expenses, and other obligations which are apart from the applied mortgage loan installment. Normally somehow normal expenses vary from person to person. A customer who has more number of dependents would obviously be required to hold back more amount out of his regular monthly income than one who do not have any dependent person in his family.
eg. If the applicant is getting about Rs.15000 per month, and he has two dependents in his family, then in my opinion it would be really very difficult for applicant to get any mortgage loan in normal income program. At the same time in the same scenario for an self employed customer with same situation bank can provide mortgage loan in the liquid income program where credit team directly assess the rough balance sheet where cash income can be added back in to net profit and it goes up to three times of existing net profit. It is very easy program for secured loan segment in India. Loan against Property is the second most important loan option for any banker. This is just this because of its lower chances of default in any circumstances for any time. The customer becomes loan eligible for enough amount of property loans from any of good bank or any other financial institutes in India. At times, this margin may mean ability to purchase the dream home.
