• Generally the eligibility criteria for loan against property is calculated on the basis of market.
• Property Loans are the cheapest Loans available, after Home Loans. Most secured type of Loan.
• Loan Against Property, loans are a convenient means to access funds in the banking sector.
Mortgage Loan means using a property as a security to pay off a debt. The term, mortgage, means the legal device used for paying of the debt, but it is also commonly used to refer to the debt secured by the mortgage, which is called the mortgage loan. In Many countries Mortgages are strongly associated with real estate rather than any other property (such as ships) and in some cases only land may be mortgaged. Applying for a mortgage is seen as the standard method by which individuals or businesses can purchase residential and commercial real estate without the need to pay off the full value immediately.
Main objectives of mortgage loans in India
• For the purchase of four wheeled vehicles and two wheelers
• For the purpose of repayment of the previous loans
• For meeting the expenses pertaining to medical, educational and marriage purposes
• For undertaking renovation and repair works of the residential property
• For the purpose of purchasing land plots, houses, construction of houses
• For meeting the needs for commercial, trade and other business activities
• For the requirements of the professionals for any kind of activities such as education, house construction or purchase