Mortgage Loan
Mortgage Loan is one of the most popular products offered by banks and NBFCs to customers. Home loan is also the largest selling banking product and the one that ensures the longest banking relationship with the lender. Owning a home of your own is generally an obvious as well as a major decision in a person’s life. However, the cost of construction or purchase of property is quite high and this is where home loans play a major, almost indispensable role for majority of home buyers. Home or Mortgage loans are advances made to borrowers who require funds to purchase houses/flats/land. They can also be availed of for construction, extension and renovation of houses. Lenders can be banking or non-banking financial institutions.
FEATURES & BENEFITS :-
- (Mortgage loan on houses and flats (corporation {or} cmda approved)
- Interest rate: 16% per annum (equated monthly installments basis, EMI)
- Details of equated monthly instalment for Rs.1,00,000/- loan amount
- Rs.1,987/- for 7 years loan repayment scheme
- Rs. 2,432/- for 5 years loan repayment scheme
TERMS & CONDITIONS:-
The property should be situated in a good residential area and easily marketable.
- Loan quantum is restricted to 40 % of the market value of the property subject to a maximum loan amount of rs. 15 lakhs.
- Repayment capacity of the borrower to the satisfaction of the Sundhuja India to be produced.
- Loan will be considered for the following purpose.
- For the improvement of the property.
- To meet marriage expenses.
- To meet wards education expenses.
- To meet medical expenses.
- For improvement of the borrowers business needs and to clear higher cost debts/loan of the borrower Maximum loan amount of Rs. 15 lakhs be considered subject to other conditions.
take a look at our
Frequently Asked Questions
A Mortgage Loan or Housing Loan is an amount borrowed by individuals for a fixed tenure from financial institutions to buy, construct, repair or renovate a residential property. Lenders charge an interest on the amount borrowed, which has to be paid by the borrowers along with the principal amount.
- eduction for Interest Paid on Housing Loan
- Deduction on Principal repayment
- Deduction For Stamp Duty and Registration Charges
- Deduction for first time Home Buyers
- Deduction for Joint Home Loan
The best part about Mortgage Loan eligibility is that any person above 21 years of age with a valid ID proof and claim that he/she owns the gold can avail it. The documents required for housing loan might include an address proof and photographs in addition