|Is Security Required?||Yes (House / Property)|
|Is Guarantor Required?||Yes in most cases|
|What is the Tenure?||1 to 10 years|
|What is the Interest Rate?||13% to 16% (Diminishing)|
|Is Part Payment Allowed?||Yes|
|Is Pre-Closure Allowed?||Yes|
|Is Balance Transfer Allowed?||Yes|
|What is the minimum Salary?||Rs. 15,000 /- Net (pm)|
|How many days does it take?||7 to 15 days|
|What is the loan amount?||Rs. 5,00,000 /- to Rs. 1,00,00,000 /- (and more)|
Mortgage loan comes to the rescue, when one cannot choose a Home Loan. It is the next loan in preference. It is a loan that is lower in interest rate when compared to a Personal Loan or a Business Loan (higher than a Car Loan though, in few cases).
Though Mortgage Loan has many benefits, it is quite a challenge to obtain one. Main hurdle being, the Property pledged as security should have all necessary Approvals from authorities and free of any existing mortgage. Thus anyone with an accountable regular income and with an approved property would be eligible for a Mortgage Loan (both Salaried and Self Employed).