Loan Against property ( or Mortgage Loan) can be availed for your personal and business by Both Salaried as well as Self-Employed people. It is provide by many banks like sbi, hdfc, icici or finance consultant like inox capitals & future finance corporation at low rate of interest in Ahmedabad, Surat, Baroda gujarat
In other words mortgage loan is totally secured loan on borrower’s property in india that means mortgage applicant have to keep security or property whether its gold or property or other securities . Mortgage loan can conveniently be raised for any specific need like marriage, business expansion, foreign education,any unforeseen medical emergency or even for holidaying abroad with longer tenure and lesser rate of interest than a personal loan.The value of the loan against property can be anywhere between 40-60 % of the property value, the paid up value of the property and other factors depending upon the existing market conditions. The criterion for applying for a loan against property is that it should be a freehold and self-owned property, having a clear and marketable title. It can be foreclosed by approaching the lending bank ,you have to issue a cheque favoring the bank, upon clearance of which the documents will be released for that loan.
In case, you stop repaying your mortgage loan, the lender/bank has the complete right to possess and sell the secured property. A mortgage loan involves the following components – principal, interest, tax and insurance. Principal is the amount you actually borrow from your lender. Interest is the reward your lender receives for lending you the money. The interest rate plays a major role in increasing the size of your mortgage loan. Higher interest rates lead to higher mortgage payment. Tax and insurance payments are added to your monthly mortgage payments. Insurance provides you protection against future injuries that may be caused to your property. Also, your real estate taxes will be added to your monthly payments.
Until the entire sanctioned amount is not drawn you will have to pay a small interest on the actual amount drawn( without any principal repayment).Once the amount is sanctioned the person can pay the loan amount in parts depending upon the stages through EMI s through post-dated cheque or through ECS .You can also prepay the entire loan outstanding anytime after 180 days of availing the loan. Prepayment charges will be levied accordingly. If you intend to do so, please ask for the prepayment amount to be waived or a reduction in the penalty charges .
Thus, many finance corporation helps you adding wings to your dreams by providing you easy loan facility.
If you are looking for any kind of loan services across Gujarat Inox Capital is always there to help you. Our utmost professional expertise helps you to manage your personal business or corporate finances. Let your dreams of business be known to us. request your quote today or give a call at +91 72260-07800