Mortgage Loans in India

The concept of Mortgage Loans in India is growing day by day. The growth of the mortgage loans in India is boosted by the development of the real estate and increment in the activity pertaining to construction.

The mortgage loans in India were previously supplied mainly by the financial institutions but now the commercial banks are also providing mortgage based loans to various types of customers. The commercial banks provide mortgage loans on nominal rates of interest.

Objectives of mortgage loans in India:

• To provide the customer with the best possible services
  
  
• To put emphasize on the quality of the credit and advance in form of mortgage loan
  
  
• To focus on management of income and cost

The Mortgage Loans in India is provided against collateral security such as industrial property, urban commercial complex, residential house or apartment, possessed in the name of the receiver of the loan. The security such as rented house can be accepted if that same property is on a lease and the person should also have the authority to collect the rent under the power of attorney.

Organizations offering Mortgage Loans in India:

• HDFC Bank Mortgage Service - Housing Development Finance Corporation (HDFC) Bank Mortgage Service is leader in the Indian mortgage market at present with the State Bank of India (SBI) following the lead
  
  
• Bank Of Baroda - Baroda Advance Against Property: Bank of Baroda Mortgage Scheme is one most important mortgage schemes in the mortgage market in India
  
  
• United Bank of India - United Mortgage Scheme: United Bank of India Mortgage Scheme is one of the most important part of the financial portfolio of the United Bank of India
  
  
• Bank of India - BIO Star Mortgage Scheme: Bank of India Mortgage Scheme provides high quality financial product to fulfill the various requirements of the customers
  
  
• Union Bank of India - Union Mortgage Scheme: Union Bank of India Mortgage Scheme offers a variety of financial products for the individual customers of various types
  
  
• State Bank of Mysore - Equitable Mortgage of Property: State Bank of Mysore Mortgage Loan is one of the primary financial products of the State Bank of Mysore

The main functions of the mortgage loans in India:

• Loans are provided for the purchase of four wheeled vehicles and two wheelers
• Loans are provided for the purpose of repayment of the previous loans
• Loans are provided for meeting the expenses pertaining to medical, educational and marriage purposes
• Loans are provided for undertaking renovation and repair works of the residential property
• Loans are provided for the purpose of purchasing land plots, houses, construction of houses
• Loans are provided for meeting the needs for commercial, trade and other business activities
• Loans are provided for the requirements of the professionals for any kind of activities such as education, house construction or purchase

The services offered under the Mortgage loans in India:

• Home equity loans
• Mortgage refinancing
• Real estate lending
• New home loans
• Latest mortgage quotes
• Debt consolidation service

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