What is a mortgage loan? How can I apply for the loan? Let’s see about that. Mortgage Loan is the name for taking a loan by risking a property that we have. For example, assume your property value is 1 crore. You can get a loan of 60 lakhs on that 1 crore property value. Bank will give you this loan. The interest rate of mortgage loan ranges from 8% to 20%. This interest rate varies depending on the bank.
The interest rate of Mortgage Loan is lower when comparing all other loans. You can borrow this mortgage loan if you need money in a dire emergency situation. If you are unable to repay the loan, they will encroach on your property and sell it. After taking this mortgage loan, you can refer 4 to 5 banks and then take a loan without buying from any bank. In some banks, they will provide loan according to your annual income.
Mortgage Loan Eligibility:
Your age should be between 21 and 60 years.
All your proofs will be required. Address proof, Name proof, SSN Etc.
Your mortgage document is a very important document.
Documents should be in the name of those who buy loan.
Your CIBIL Score should be around 620 or above.
If you are a salaried person, you will need your 3 months salary slip.
Photographs of you and Bank Statement for 6 months are required.
The best mortgage lenders:
Best for flexible loan options and medical professionals – PNC Bank
Best for no fees and Fast preapproval – Ally Bank
Best for flexible down payment and relationship options – Chase Bank
Best for lower credit scores – Rocket Mortgage
Best for new home construction mortgages – Flagstar Bank
Best for Alternate Credit Data Eligibility – Guaranteed Rate
The best lender for applying online – Truist Bank