Best Mortgage Loan in Chennai

Important Things to Consider before Apply to mortgage loan in Chennai

To check property approval status and legal documents:

1. The property against which loan is to be taken is required to have a spotless title, all statutory and government approvals and in addition, finish set of property records.
2. Some of the property-related documents that a lender will require are Registered Sale Deed/ Conveyance/ Lease Deed, Past Sale Deeds Chain (each transaction in respect of this property since the first allotment), Latest House Tax Return/ Receipt, Approved Building Plan from Municipal Corporation, etc.
3. Loans against residential properties are easy to get with a low rate of interest & should be the first choice of property for this loan option.

Eligibility and EMI:

1. Gauge your loan sum qualification to know the credit sum you will be qualified for and can apply for.
2. Calculate the monthly EMI that you can easily repay based on your current net income and other existing fixed obligations including rent and EMIs on other existing loans.
3. Your loan eligibility is calculated based on your age, net income, existing obligations, property type, LTV ratio, and other factors. EMI is dependent on the loan amount, interest rate and tenure.

Decide on the type of mortgage loan interest rate offers

1. Fixed rates come at a marginally higher rate of intrigue contrasted with floating-rate loans and financing cost stays consistent amid the residency of property advance. In gliding rate advance, loan fees are reset at periodic intervals in light of changes in MCLR and PLR rates of banks or NBFCs. Greater part of credit against property in India today are gliding rate advances as it permits the loan costs on LAP to move as per the present financing costs.
2. You can also evaluate the option of an overdraft facility with a property loan. The overdraft facility allows to you to deposit surplus amount in your Loan against property overdraft account when available and hence, reduce your overall interest amount outgo and also shorten your loan tenure. This loan is highly recommended to self-employed businessmen who generally have surplus cash lying idle at home. The interest rates on overdraft loan are slightly higher than that of a regular mortgage loan interest rates.
3. Do mortgage loan interest rate comparison of the banks on various types of mortgage loan products and make an informed decision.