A mortgage loan is a loan secured by means of real property through a mortgage note which evidences the existence of the loan and thus a charge is created on that property which secures the loan. Over the period of years, the borrower repays the loan along with the interest, until he/she eventually owns the property free and clear. Mortgages are also known as "claims on property."
Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, repayment terms, and other characteristics can vary considerably from bank to bank.Loan can be for any purpose such as Marriage expenses, medical expenses, business expansion or purchase of residential or Non Residential property which should be fully constructed and be free from any encumbrance having a clear and marketable title. However, the funds should not be used for speculation or any illegal purposes.
Any individual owning a property free from any encumbrance is eligible for taking a mortgage loan.
The documents needed vary from case to case. Let Finmart understand your needs and assist you in documents requirement.
The general factors taken into account while determining are listed below: