Mortgage Loan 2 Minute India

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Mortgage Loan: Taking a Mortgage Loan is an extraordinarily helpful concept and indeed a useful one. If there is medical emergency, financing educational course, marriage or wedding, or expanding a business goal, we need urgent and secured money to meet our requirements.

If money cannot be arranged, a loan usually becomes the solution. And if it is for a large amount, then to pledge one’s property as security or collateral is the last resort.

When to go for a Mortgage Loan?

There could be several situations when you might want to opt for a Mortgage Loan. You might need Mortgage Loan to celebrate a wedding in a grand manner, for business expansion or business investments, to finance the higher education in a foreign country, for medical emergency or expensive treatments. And the good news is that, at present, besides banks and other non-banking financial institutions ‘Fast Loans’ is offering instant Mortgage Loan, which are convenient and quick.

The standard rule is that you may receive an amount which will be around 85%-90% of your property’s market value as a loan amount. Loan against a residential property or Loan against Commercial Property or Loan against Agriculture Property or a house or a piece of land can also work equally well as collateral or as a mortgage.

Need to apply for the loan?

The eligibility criteria for availing a Mortgage Loan differ from one bank to another or one lending institution to another.



ELIGIBILITY CRITERIA FOR AVAILING MORTGAGE LOAN:-

i. Should be a Citizen of India.

ii. Should not be bankrupt or insolvent.

iii. Should be of sound mind.

iv. Should be above 21 years of age or above.

Documents required for MORTGAGE LOAN:-

1. Identity Proof

2. Address Proof

3. PAN Card

4. Bank Statement of 6 months

5. Salary Slip of 6 months

6. 4 photographs(passport size)

7. One post dated cheque duly filled with the date and amount to be returned (principal + interest)

8.Property documents / Title Documents

In general, the factors that are considered are, income, security/collateral, credit history or repayment or prepayment track record to evaluate credit-worthiness, and off course value of the property which is offered as mortgage. Anybody full filling these criteria can avail Mortgage Loan. Terms and conditions may vary as per the value of the property, age of the property, minimum age of the applicant and so on.

‘Fast Loans’ understand the various needs of the person/applicants wanting Mortgage Loan.

Every individual need is different and their situations are also different. To meet this various diverse needs and requirements of applicants various eligibility criteria has been bent.

For example, Income Proof- Applicants earn money, but there is no income proof sometimes available with them as they may be getting money in cash or otherwise also.

Fast Loans also give Mortgage Loan without income proof.

All general identity documents need be completed including the title documents. Photograph, identity proof and address proof, 6 months’ salary slips and bank statements etc. No processing fee is charged.

A post dated duly filled cheque is taken at the time of payment. And the cheque is only taken after the payment is made.

Mortgage Loan is easy to obtain :-

Obtaining a Mortgage Loan from Fast Loans is the easiest way of getting a loan.

You also get to utilize your immovable asset (continue to enjoy the asset/property) for liquid cash, without having to give up occupancy or physical possession. This need not be forgotten that in case you do not repay the loan amount within the specified time period, your property can be possessed by the lending institution.


Conclusion:-

If the applicant want a bigger sum to take as a loan then Mortgage Loan is the best solution to opt for.

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