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Submitted by: Ankit12 Mishra

Following is the Information which you will get to know about mortgage loan, that is very important to have such information to us and our closely associated friends and family members; we should know everything about Property mortgage loan before applying in any of bank or private institution in India. Here we will furnish everything about features and benefits along with the negative points of the mortgage loan product so that it will very helpful and informative for all the mortgage seekers. Firstly, we need to know about the type of program of loan which customer directly asks with the bankers to update on the same.

Net Profit Basis: This is a universal program, in this program bank check the annual income of the applicant as per Income tax document and tally with per annum bank statement and yearly turnover and direct expenditure basis. In this program, banks use some pre-defined calculators like 2,3, 1.5, etc., which are multiplied into each year net profit and after that the gross eligibility comes out and after deduction of the fix obligation bank discloses the exact loan eligibility, and the maximum funding is done into this program. The maximum loan amount can go only up to 15 to 20 crores for 15 years.

In India, these types of Mortgage Loans are available and are provided by almost all the banks, such as national and state banks.

EMI Surrogate: The most the simplest program offered by banks in the market, in this program bank checks the previous credit history and monthly running loan EMI and normally bank uses the fix multipliers like 1.25 to 1.75, and the same multiply into the current EMI amount, and the fresh amount will be the final EMI of new eligibility for the mortgage. For example, Mr. Jain has been running loan of 12 lacs with monthly EMI of Rs. 18, 000/ and the loan is 24 EMI paid, now they want to get balance transfer to another institution and with EMI, surrogate program multiplier will be 1.75 so the calculation will as {18,000*1.75 = 31, 500}, in this program Mr. Jain is eligible for a pay of Rs. 31,500 and for this EMI, approximate loan amount will be Rs. 25 to Rs. 26 lac.

Fleet Mortgage: This is extremely a very innovative program for the customers who are into transportation line, and they are running their business with own fleets. The Idea behind this program is only to enhance the way of funding against mortgage where the innovative ways we have, like if Mrs. Neha Sharma has three fleets where one is 10 tire 2nd is 12 tires, and the last one is 16 tires. So the basic calculation will be considered the monthly income for each fleet will be Rs. 40,000/-, Rs. 60, 000/ & the last as Rs. 80, 000/ so finally with these three vehicles consolidate income would be taken as { 40000+ 60000+ 80000 = 1,80,000 } so the monthly income will be Rs. 1.80 Lac, so the calculation would be done on Rs. 1.80 Lac per month and the loan amount can be up to Rs. 50 to 60 lacs if the property is fine as per the marketable basis.

About the Author: In India, all these programs are also provided by private financial lending companies such as Deals of Loan. DealsofLoan offers all above types of Mortgage loan with almost lowest processing fee available in market. Avail Property Loans , at lowest EMI s such that you save more of your money after repaying Loans.Visit

dealsofloan.com

today.

Source:

isnare.com

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