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Mortgage Loan
Mortgage loan is also an all utility and general purposeloan which is provided by the Banks by mortgaging the movable or immovable property in the name of the Bank. This is an easy way of getting faster loan against the value of a property that can be mortgaged.

Eligibility :

Generally, individual(s) with steady source of income including persons engaged in agriculture and allied activities, who are 18 years of age are eligible for mortgage loan.

Purpose :

It is all utility purpose loan and the loan amount can be used for any purpose. The banks are not interested to know what the borrower is going to do with the loan amount.
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Maximum Amount :

Maximum loan amount is calculated on the basis of two broad factors namely the price/value of the property to be mortgaged (usually 75% of the market value) and secondly on the repaying capability of the borrower. The repaying capacity of the borrower is arrived at by finding out the ratio of EMI/NMI.

EMI= Equated Monthly Instalment
NMI= Net Monthly Income

Security :

In case of mortgage loan Banks do no ask for any more collateral security as the mortgaged property itself plays a role of very good security as in general economic conditions the value of the gold will keep on rising.
Sometimes Banks can ask for additional Guarantors looking at the high value ticket loans.
Frequently Asked Questions
What is mortgage loan?
It is kind of loan sanctioned by the Banks by mortgaging a movable or immovable property which has got a value in the market. For example, if a borrower has a land then that can be mortgaged with the Bank and a percentage of the total value can be availed as loan.
Can loan can be granted against the security of property of a third party if the latter agrees to stand as a guarantor to the loan?
Yes, usually Banks do provide loans against the security of the third party and generally Banks require them to be the Guarantor for the loan.
Can a borrower avail mortgage loan against security of land / plot?
Yes, a borrower can apply for mortgage loan to Banks against the land or plot but usually Banks don’t prefer to provide mortgage loan for agricultural land.
Are certified copies of title deeds acceptable for mortgage loan?
No, Banks do not accept the certified copies of the deeds and they require the original deed.
How can the loan eligibility be enhanced?
The income of the spouse may be added if he/she is a co-borrower (when the property is jointly held) or consents to stand as a guarantor.
Should the property mortgaged be self-occupied or can be rented out?
When the Banks have created equitable mortgage of residential house/flat, non-agricultural urban landed property, commercial or Industrial property as there is a mortgage loan against that property then the Bank has to be informed about what the use of the property will be. Usually Banks are fine with self-occupied property in case of renting the property out it the Banks need to know the antecedents of the Lessee and the Borrower will have to seek permission before letting out the property.
Can the loan be given against security of land/plot?
Yes, but the usual conditions that the Bank put is that the land/plot should be non-agricultural only. In case of conversion of agricultural land to non-agricultural, copy of relative order should be made available.

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