What we can proceedings in home loan & mortgage loans

Question

Accepted Answer

Proceedings in home loan & mortgage loans involve application, verification, approval, disbursement, and repayment.

Application process involves submitting necessary documents and information.
Verification includes checking credit score, income, and property valuation.
Approval is based on the lender's assessment of the borrower's eligibility.
Disbursement is when the loan amount is transferred to the borrower.
Repayment involves paying back the loan amount with interest over a specified period.
Examples: submitting income proof, credit score check, property valuation, loan disbursement, monthly repayments.

Accepted Answer

When you apply for a mortgage loan, you are essentially availing a loan by pledging your property as collateral. The bank assesses the market value of your property and typically offers a percentage of this value as the loan amount. The loan can be sought against both residential and commercial properties.

The interest rate is determined based on several factors, including the value of the property, your repayment potential, and other bank-specific criteria. As a borrower, you will need to repay the loan in EMIs over a specified tenure. In case of default, the lender typically has the right to take possession of and sell the property to recover the outstanding loan amount. Throughout the loan tenure, while you continue to use the property, the original property documents remain with the bank. Once the loan is fully repaid, the documents are returned to you.

What we can proceedings in home loan & mortgage loans

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