Home Improvement Loan Services Offered

Home Improvement Loans in Mumbai

India, in today’s date is quite well accustomed with the word ‘loan’. Today we have embraced this concept which has made our life easier & dreams much more achievable.

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Where to Get a Mortgage Loan?

Home Loans Mumbai

WHAT IS MORTGAGE LOAN?

Mortgage loan is such a loan which a person gets against property. The major benefit of such a loan is that one can enjoy tax benefits. The tax benefit is usually given to the principal as well as the interest components of the loan. You can take loan and utilize it for higher education, for medical purposes, for marriage, for funding business and also for construction purposes. It is needless to say that taking a mortgage loan is a wise option as the person who takes it enjoys tax benefit on one hand and on the other hand, can utilize it for business expansion.

ELIGIBILITY CRITERIA

  • One of the most important point is to decide which collateral will be offered for mortgaging purpose. The collateral can be a private residential building or a commercial one.
  • It is also very important to decide on the tenure of the loan.
  • The third vital step is to decide on the interest rates. There are a variety of interest rate options available in the market like fixed rate of interest, floating rate of interest. Some of the leading banks also provide options to transfer between fixed and floating rate of interest, once in every year without any sort of penalty.
  • There are even options to prepay the loan as per the customer’s convenience.
  • It is vital to know beforehand about the processing fee as well as the documents required by the respective banks.
  • It is also necessary to check whether the property is located in the approved zone of the bank or not, otherwise the loan will not be sanctioned.

LOAN AGAINST PROPERTY BANGALORE

Loan against property in Bangalore is provided by several leading banks. There are varieties of plans available in the market like SBI home loan Bangalore, IDBI home loan Bangalore, HDFC home loan Bangalore. Each bank has its own parameters for checking the eligibility of the customers. The loans are sanctioned only if the parameters are properly met. Under SBI loan against property scheme, the eligibility of a person for getting mortgage loan is that one should either have net monthly income in excess of Rs 12000 (if salaried) or annual income of Rs 1,50,000 (if business persons). Minimum loan amount is Rs 25,000 while maximum amount is Rs 1 crore. The bank will finance up to 60% of the market value of the property and 2 % of the loan amount should be provided as processing fee. Under IDBI home loan against property scheme, maximum amount possible is Rs 500, 00,000 and the tenure of repayment is up to 15 years. Other facilities include personalized doorstep services and free legal and technical assistance. One can also obtain mortgage loan from variety of other institutions like home loan agents, from home loan DSA’s Bangalore.

LOAN AGAINST PROPERTY, MUMBAI

To obtain loan against property in Mumbai, one has to check the eligibility parameters of different banking institutions. One of the best loans is provided by IDBI bank. Under the IDBI bank home loan against property scheme, the total loan amount is usually about Rs 500, 00,000 and the tenure of payment is 15 years. There are also attractive rate of interests available and the interest rate is on daily reducing balance. The state bank of India, Mumbai will provide maximum loan amount of about 1 crore and minimum loan amount is 25,000 but they charge 2% of the loan amount as processing fee. The home loans in Mumbai are provided by variety of other banks as well. You need to check in properly all the parameters of different home loan DSA’s and banks in Mumbai, before zeroing in on one.