Banks provide loan against mortgage of property on an attractive rate of interest. Businessmen, self employed professionals, salaried customers are all eligible to apply for the loan. It enables the borrower to apply for loan against a fixed asset.
The maximum amount of loan depends on a number of factors, like customer's profile, his financial standing and repayment capacity, tenure of the loan. The repayment tenure increases or decreases with the amount of loan. Repayment is done through Equated Monthly Installments or EMI.
Interest can be paid either on fixed or floating basis. Banks charge prime lending rate as their interest. Interest rate can be discounted for existing clients or in special cases according to the policies of the bank.
Customers can apply for mortgage loans by filling an online form. They can also visit the nearest branch of a particular bank. Normally, banks charge 1-2% of the actual loan amount as processing fee.
Bank of India - BIO Star Mortgage Scheme
United Bank of India - United Mortgage Scheme
Bank Of Baroda - Baroda Advance Against Property
State Bank of Mysore - Equitable Mortgage of Property
*Terms and conditions may vary from bank to bank.