5 thing to make sure of before you mortgage your property

1. InfraSquare Realty Pvt. Ltd. 5 thing to make sure of before you mortgage your property The Mortgage is a legal agreement that conveys the conditional and correct ownership on your property by the borrower to the lender as security for a loan. The lender’s security interest is rewarded in the register of title documents to make it public information and is made null and void once the loan is paid completely. Virtually any legally owned property can be mortgaged. 1. Eligibility criteria to get a loan against property Some of the common factors that most banks have a check on are given below:  Income, savings, debt compulsion  Value of the property to be mortgaged  Your repayment track record for other loans, credit cards, etc. 2. What are the normal interest rates and tenure for repayment offered for a loan against property? The Interest Rates on loan against property can range from 12% to 16% and the loan tenure can be up to 15 years for you to pay the loan. 3. Salient features:  Loans are mostly given against fully constructed, freehold residential and commercial properties It is given for the following reasons:  Business needs  Marriage, medical bills, and other miscellaneous requirements  Transferring the outstanding loan availed from another bank/financial institution  Longer tenure and lesser EMIs Copyright © InfraSquare Realty Pvt. Ltd, Bangalore, India

2. InfraSquare Realty Pvt. Ltd.  Affordable interest rates  Simple and stress-free documentation  Simple repayments through monthly installments  Integrated branch connectivity to avail the services of loan anywhere in India 4. How can you get the loan? The loan is agreed upon as a specific percentage of the property’s market value that comes within the bracket of 40-60%. If loan is given against property, then it belongs to the secured loan section wherein the borrower needs to give a guarantee by using his/her property as security. A loan that is given against rented property or self-occupied residential premise can give you a leverage of economic worth of your home. As you continue to live in that space, you can also take the advantage of seeking a loan against it. 5. Important points to remember:  The mortgage must be for a particular duration of time in order to be legal  The mortgagor must show proofs to declare that he/she have the right of redemption on payment of the debt on or before the end of that period  The court in the event of a default can ask the mortgagee to appoint a receiver who can manage the property and this applicable for a business related property Mortgages form the most common type of debt instruments and there are many reasons for that. It includes a lower rate of interest, direct way of standard procedures, and a long repayment period that enables you to pay off the loan within the time duration. Copyright © InfraSquare Realty Pvt. Ltd, Bangalore, India