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What is Mortgage Loan?

Basic Fact Sheet

Is Security Required? Yes (House / Property)
Is Guarantor Required? Yes in most cases
What is the Tenure? 1 to 10 years
What is the Interest Rate? 13% to 16% (Diminishing)
Is Part Payment Allowed? Yes
Is Pre-Closure Allowed? Yes
Is Balance Transfer Allowed? Yes
What is the minimum Salary? Rs. 15,000 /- Net (pm)
How many days does it take? 7 to 15 days
What is the loan amount? Rs. 5,00,000 /- to Rs. 1,00,00,000 /-

When should you choose Mortgage Loan?

Mortgage loan comes to the rescue, when one cannot choose a Home Loan. It is the next loan in preference. It is a loan that is lower in interest rate when compared to a Personal Loan or a Business Loan (higher than a Car Loan though, in few cases).

Who would be eligible for a Mortgage Loan?

Though Mortgage Loan has many benefits, it is quite a challenge to obtain one. Main hurdle being, the Property pledged as security should have all necessary Approvals from authorities and free of any existing mortgage. Thus anyone with an accountable regular income and with an approved property would be eligible for a Mortgage Loan (both Salaried and Self Employed).