Mortgage Loan Rates of Interest
Mortgage loan rates of interest definitely have an enough phenomenal impact on the customer’s any of loans overall eligibility. This is happening the rate of interest component can be increased the monthly EMI and it has become applicable on any new mortgage loan. Such property loan EMI is confirmed at the time of product disbursement. While any of loans EMI do not vary and after all the entire terms of mortgage against property, and searching the low rate property loan at the time of availing the property mortgage make the customers loan eligible for any of large amount.
The USP of mortgage loan lenders in India is much spread and they want to have some fix criteria for which all the bankers normally consider a customer to be eligible for property loans. Bankers ask customers before processing the application for any of product they check about the intention, capabilities & previous credit history in past years. Another the most common factors in all of them are the actual income of the first applicant. This total income always should be enough adequate for more than or higher the applicant’s average expenses, and other obligations which are apart from the applied mortgage loans instalment. Normally somehow normal expenses are vary from person to person. A customer who has more numbers of dependents average would obviously required holding back the more amount out of his regular monthly income than a customer who has does not have any other person in his family.
Therefore, for example if the applicant is getting about Rs.15000, and he has two dependents in his family, then in my opinion it would be really very difficult for applicant to get any mortgage loan in normal income program. At the same time in the same scenario for an self employed customer with same situation bank can provide mortgage loan in the liquid income program where credit team directly assess the rough balance sheet where cash income can be add back in to net profit and it can goes up to three times of existing net profit. It is very easy program for secured loan segment in India. Loan against Property is the second most important loan option for any banker. This is just this is just because of its lower chances of default in any circumstances for any time, the customer becomes loan eligible for enough amount of property loans from any of good bank or any other financial institutes in India. At times, this margin may mean ability to purchase the dream home.