“Money Tez” are providers of cheapest mortgage loan in India, the company that helps our valuable clientele to process their loan such as home loan or transfer of loan, our professionals give a hand for your needs. Our expert tries to understand your needs and comes with suggestion of best loans that you can choose and gives a clear cut idea of the bank and their interest rates.
Cheapest mortgage loan in India
Before knowing about the cheapest mortgage loan in India, let’s come to know about what is mortgage loan.
Mortgage loan is sort of loan where you keep your house documents as collateral for availing the fund.
The lender of the loan keeps the document of house of the borrowers as collateral which is bound by a mortgage agreement. The bank (lender) lends you a large sum of money that is mostly almost 80% of the value of your home. As per the agreement the borrower has to pay the amount borrowed within a period of time with interest involved. In case of breach of agreement i.e., you fail to pay back the amount within the period or fails to pay interest amount lender can go legal action against you. The lender can take your home through a legal process known as foreclosure when you breach the agreement.
Traditional mortgage loan
The traditional mortgage could extend from at least 15-30 years of time as well as it usually may have monthly payment. This monthly payment involves insurance, interest, tax etc.
There are lots of mortgage plans available that you could use for clearing your debts. Contacting experts like Money Tez can help you providing one of the best suitable and cheapest mortgage loan in India.
Cheapest mortgage loan in India
At the time searching for a cheapest mortgage loan in India one of the basic choice you want to decide upon is about the fixed-rate or adjustable rate on interest. While explaining about the mortgage loan, the entire mortgage loan falls under any of these two categories.
Types of interest rate for mortgage loan: Cheapest mortgage loan in India
1. Fixed rate mortgage loans
This type of mortgage interest rate is when the same interest rate is paid for the entire loan till the time of the payment is completed. The payment of the interest will be fixed and will be stable month after month or even year after year. It even fixed for a loan with a period of 30 years. Fixed rate mortgage loans have same monthly payment and same interest till the loan is closed after the fully payment of the loan.
2. Adjustable-rate mortgage loans
This type of mortgage loan has an interest rate that will change or vary from time to time. ARM has an interest rate that will change every year after an initial period remaining stable. It’s further called as “Hybrid product”. One that begins with fixed rate of interest and then switch over to an adjustable rate. For instance, 5/1 ARM loan mostly has fixed rate of interest till first 5 years and then it begins to vary annually.
So, when you search for any mortgage loans such as low rate interest mortgage loan or cheapest mortgage loan in India you will have to choose any of the above type mortgages.
Types of cheapest mortgage loan in India
Mortgage loan is one of the most preferred loans by people of India. It’s a type of secured loan that is available with almost most of the banks in India. It has lots of benefits and features. Most of the banks and NBFC’s offer 70 to 80% loan amount based on the market rate of the property value.
1. Home loan
This is one of the most common and popular form of mortgage loans available in India. This loan is lent to purchase, renovate or redesign the house. This loan can be used for purchasing a land for building house or to buy an under construction property or even ready to move in property. The time period for home loan can go as long as 30 years whereas interest rate starts with 8.35%. One of the main restrictions while using this loan is that borrower has to use the money only on property i.e. using of fund for personal or professional needs is restricted.
To avail cheapest mortgage loan in India for your home purpose, contact with Money Tez.
2. Loan against Property (LAP)
LAP is provided by banks and NBFC’s for commercial as well as residential property. The borrower has to keep one of his or her property as collateral to get the fund. To avail this fund the borrower has to lend his original documents of the property and lender gives it back when the loan is paid in full with interest. Repayment for the loan is done by EMIs. The interest starts from 10.99% and ranges 5 to 7 years. The borrower has no restriction on using the amount borrowed.
For LAP, avail cheapest mortgage loan in India for your needs from Money Tez.
3. Mortgage loan for commercial purchase
This loan as the name suggests are taken by a person who owns a business to buy a commercial property. For example for purchasing an office space, shop or even a whole commercial complex. Most of the banks and NBFC’s offers commercial mortgage loan at an attractive interest rate that starts from 9.50%. But the restriction on this fund is that, borrower can use this loan only for commercial property.
4. Second Mortgage Loan
NBFC’s and banks offer this loan on the property that is already under loan and mortgaged. For example: When a person takes a mortgage loan on his property for Rs 20 lakhs from a bank named ‘X’ in 2013 and later on 2017 he requires additional loan for the same property he/she kept as collateral. The bank tries to fund him based on his credit score. This type of mortgage loan is called as second mortgage loan. The borrower can pay the interest of the second mortgage loan along with the first mortgage home loan or by opting additional payment tenure.
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