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MORTGAGE LOAN

Mortgage loan or loan against property means the borrower takes a loan which is secured against his current residential, commercial and industrial property. The benefit of mortgage loan is that it considers the market value of the property as on date. So that, the borrower can get higher loan amount. Best is, the loan money can be used to meet financials requirements of any kind with lesser rate of interest than unsecured loan.

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We at Financebay have encouraged our customers over the years. And now, we can propel your dreams. With us, you get quality service that is simple, friendly and customized. So, whatever the size of your business, the only question is how big do you want to be?

F.A.Q

What is the maximum loan tenure for mortgage loans ?

  • Maximum loan tenure is 15yrs for self employed and 20 yrs for salaried.

What is the Loan to value (LTV) for residential and commercial property ?

LTV for residential is 60% and commercial is 55%.

  • Yes.

Can I get a loan on vacant land ?

  • Yes and a longer tenure up to 15yrs.

Can I get a loan for purchase of commercial property and what will be the LTV?

  • Yes banks funds for purchase of commercial property and LTV will be 70-75%.

I have leased my commercial property to bank . Can I avail the loan against that rent ?

  • Yes bank provides loan against lease rental . Its called lease rental discounting.

Can I get an overdraft facility against my property or mix of term loan and overdraft.

  • Bank provides 100% Overdraft Facility or Flexibility between Term Loan & Overdraft in any proportions.

In Overdraft facility Emi get debited or interest only ?

  • Interest is charged only on the utilized amount .

Can I still get a mortgage if I have bad credit or have filed bankruptcy?

  • Having good credit helps to get a more competitive mortgage interest rate, but perfect credit isn’t required.

    If you have a low credit score or have filed bankruptcy in the past, you can work toward improving your credit.

    When in doubt, contact your loan officer. At FinanceBay , we’ll do whatever we can to help you buy a home, even with spotty credit.
    Don’t let something as intimidating as a credit score keep you away from the information you’re entitled to. Checking your paid / free credit report yearly, available from credit reporting agencies, can help you to keep tabs on your financial status — which becomes especially important when you’re buying or mortgaging a house.

I just got a new job. How does this impact getting a mortgage?

  • Most loan programs are looking for a two- three year job history in the same field — though changing jobs to move to a better position could be seen as favorable.

    For recent college grads from reputed university, you may still be able to get a home loan without a two-year work history.