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1) What is a Mortgage Loan?
- A Mortgage loan is a secured loan, taken by providing immovable assets as collateral to the lender or the bank. A mortgage loan can be explained as a loan to build a house and the house is the collateral or security. In a mortgage loan, instead of money, an asset like property or house is borrowed by a lender or bank and will return when all the installments of the loan are paid overtime.
2) How does a Mortgage loan benefits me?
- Since mortgage loans are secured loans, they can be easily approved. The interest paid for mortgage loans is much less when compared to the interest paid for personal loans. Repayment tenures are always flexible, and applicants can remain as owners of the property while using the amount for their loan to fulfill their purposes.
3) What are the different types of Mortgage?
- There are mainly two types of mortgages. They are Fixed-rate and Variable rate. Fixed-Rate is the interest rates that are stable all over the loan period and don’t matter in the increase or decrease of interest rates in the market. The applicant can choose the fixed rate for particular years like 2 to 5 years. Variable-rate, are the interest rates that change according to the market interest rates. There are various forms of variable rates.
4) How much is the rate of interest on a Mortgage loan?
- The rate of interest for mortgage loans, if different for salaried and self-employed. For a self-employed individual, it starts from the range of 10.50 to 14.50% and for the salaried, it ranges between 10.10 to 11.50%. The interest rates also vary based on the market and mortgage borrowed by the individual.
5) Why is the Mortgage loan taken?
- A mortgage loan can be taken for any purpose of an applicant. It can be paying the fees of their children’s education or financing a wedding or house renovations or funds for property in real estate or any medical emergencies or to expand their business and for any other reasons.
6) What is the eligibility for a Mortgage Loan?
- The eligibility criteria for a mortgage loan will be different for applicants being self-employed or salaried. For salaried, age of 33 to 58 years can avail the loan and for self-employed, age would be of 25 to 70 years. the applicant has to provide the loan tenor availability of up to 18 years for self-employed and for salaried would be from 2 to 20 years. The eligibility criteria vary for different banks and lenders and financial services.
7) What are the documents required for a Mortgage loan?
- Applicants need to provide their age proof by submitting their Aadhar card or pan card or voter id card or passport. the salary slips of past 6 months for salaried and for self-employed past business accounts, Income tax returns, and bank statements.
- The documentation for mortgage loans will differ from bank to bank, lender to lender, and varies in different financial services.
8) What type of Mortgage should I take?
- Depending on the loan type, length of the mortgage, interest rates, the mortgage type can be chosen by the applicant. mortgage type can be chosen even by the purpose of money borrowed as the loan.
9) Should I lock my mortgage interest rate?
- Having a lock on the mortgage interest rate can be a boon, it gives the applicant a relief of a fixed interest rate for the loan. Sometimes locking the interest rates can be a nightmare, because there might be a chance of a decrease in interest rates when locked and by the time of changing the rates and locking again, the lock might get expire.
10) How much amount can I afford for a Mortgage?
- Applicants can afford up to 28 percent of their total amount of income and not less than that and not more than 36 percent of their debt. Applicants can afford up to 2 times more than their gross income.
11) Without a credit score, can I get a Mortgage?
- It might not be possible to get a mortgage without a credit score. by considering the credit score, the mortgage loans with interest are referred to the applicant. If all the credit debts are cleared and have a good score by paying the bills often then there can be fast approval of mortgage loan.
12) What are Mortgage points? How do they work?
- Mortgage points are also called Buying down the rate or Discount points. These points are used to pay as fees for the lender in exchange to reduce the interest rate. One discount point is equal to one percent of the total mortgage amount borrowed.
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