A person or Company can apply for a Mortgage loan to Banks of Financial Institutions to Property Purchase, Home, Land etc. A mortgage loan called as Loan against property also. There is no need of specific purpose to apply mortgage loan to Banks or financial Institution. So borrower can use the debt to any purpose. The borrower should repay the debt with principle and interest. The tenure of the repayment period, usually less than 15 years.Every borrow will look the interest rate before applying the mortgage loan to Banks or Financial Institutions. The interest rate will based on the borrower financial statements, CIBIL score, current repayment of existing loans with Banks. The Banks or financial institution having power to take possession of your property in case of stop paying repayment by auction the property. After done the repayment of loan , the property will be on your own name and there is no encumbrance to that property.
|Bank/NBFC||Rate of Interest||Loan Processing Charges|
|HDFC Bank||11.49% onwards||Not exceeding 2.5% of loan amount sanctioned. Min. Rs. 1000, Max. Rs. 25,000|
|State Bank of India||12.55% onwards||1% to 3% of loan sanctioned|
|Axis Bank||15.50% to 24%||1.5% to 2% of loan sanctioned|
|Tata Capital||12.50% onwards||Min. Rs. 999|
|ICICI Bank||11.49% onwards||Not exceeding 2.5% of loan amt.|
|Bajaj Finserv||11.49% onwards||2.25% to 3% of loan sanctioned|