How to Get a Mortgage Loan in India

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How to Get a Mortgage Loan in India
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A mortgage loan referred to as mortgage is a type
of loan which Is used by property owners against
their property for variety of purposes like
buying a new property or to raise funds for any
other purpose. In simple terms it means that the
bank takes the ownership or possession of your
property and gives you money in return for that
property.
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The value of that property is calculated on the
banking standards or according to the current
market price of the property which ever deemed
fit. One important feature of mortgage loan is
that the size of loan, maturity of the loan,
interest rate on the loan, method of paying off
the loan and many other circumstances can vary
from country to country and from time to time.
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How to Get Mortgage Loan in India
Mortgage loans are basically of three types.
First one is Fixed Rate Mortgage in which the
rate of interest for paying the loan remains same
throughout the entire period of payment of loan
and the loan is divided into equal monthly
installments. Second one is Adjustable Rate
Mortgage in which the interest rate of the loan
changes during the payment of the loan. Third
one is Interest Only Loans in which you keep
paying up the interest for the first few years
and then after the set time period you have to
pay both the principal amount as well as the
interest. This type of loans are for people who
do not have regular incomes or in other words
whose incomes are irregular. Getting a mortgage
loan in India is very easy and hassle free in
India despite of all the paperwork involved. We
are discussing the steps following which you can
get a mortgage loan in India.
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First of all you have to open a bank account in
the bank from which you are going to take the
mortgage loan as this is the first and foremost
requirement. For mortgage loans you need to go
through sweat breaking paperwork so for you to
get hassle free loan we have compiled the
documents you will need and explained briefly
what is all about.
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Documents that will be needed for the application
include
Proof of identity which may include your
Passport, Driving License, Adhaar Card, Pan Card
or any other document that backs up the claim of
your identity. Proof of address which may
include Utility Bills, Electricity Bills, Water
Bills, Rental Agreement or any other utility bill
that verifies your claim of your address. Proof
of Your Regular Income like Bank Statement,
Payment Receipts, Balance Sheet or almost
anything that verifies your claim of getting a
regular income.
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Proof of Good Credit
Documents about the property like deed of sale,
allotments letter or any other document that
verifies your claim that you are the authentic
owner of the property. Some photographs of the
property are also demanded by some banks. In
addition to all the above documents some banks in
India have special requirements like that any of
your close relative might be living in the
country to be as guarantor. As mortgage loans are
different from the personal or any other type of
loans so they have these special requirements to
verify each and everything so that there is no
discrepancy whatsoever. Mortgage loans are
offered against residential and commercial
property as well as any other property that you
own in the country. The repayment policies of
different banks are different and so are the
interest rates charged by them on these loans.
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Source http//www.mandmbangalore.com/blog/how-to-
get-a-mortgage-loan-in-india/
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