Loan Scheme
Welcome to the Mortgage Loan Program
What is an Mortgage Loan?
A mortgage loan is a type of loan specifically used to purchase real estate, such as a house or commercial property. In a mortgage, the borrower agrees to pay back the loan with interest over a period of time, typically 15 to 30 years. The property purchased serves as collateral for the loan. If the borrower fails to repay the loan, the lender has the right to foreclose on the property.
Features & Benefits
- Long-term financing with repayment periods typically between 15 and 30 years.
- Fixed or variable interest rates, depending on the loan type.
- Borrowers can purchase a home, commercial property, or land with the mortgage loan.
- Tax benefits, as interest paid on the loan may be tax-deductible (subject to local tax laws).
- Possibility to refinance or access home equity in the future.
Documents Needed
- Proof of identity (government-issued ID, passport, etc.).
- Proof of income (pay stubs, bank statements, tax returns, etc.).
- Credit report showing your creditworthiness.
- Proof of down payment or savings.
- Property details (purchase agreement, property valuation, etc.).
Eligibility to Apply for a Mortgage Loan
- Must be a legal adult (usually 18 years or older).
- Have a stable income or employment history.
- Good credit score (typically above 620 for conventional loans).
- Proof of ability to repay the loan based on your income and expenses.
- Must have enough savings for a down payment (typically 10-20% of the property's price).
- The property being purchased must meet the lender's requirements and appraisal criteria.
