Mortgage loan – an essential need of the every household

Mortgage and loan are few of the most important financial decision taken in life. In India the mortgage Loan, industry is also known as the home finance industry. Hence, extreme precaution and care is most required for all the Mortgage and loan Decision. There are maximum Number of instances of fraud and the Cheating cases as reported in the various consumer courts and the economical offence wing of the police. Many times, lenders in this industry deceive common people who are often not aware of mortgage concepts. That is why borrowers in this industry often complain of being let down by their lenders. However, a little knowledge of mortgage and related issues can help you prevent such frauds. The best way to keep you away from such illegal activities is to acquire some knowledge on this industry. First is the Decision to take mortgage loan and it should be only when there is an absolute necessity of the same for some specific objective. Mortgage loan is easily possible to the one who is having a Home on the land or the land etc in his or her name. In the mortgage, Loan only the non-mobile property is financed for specific objective with either the fixed interest rate or Flexible interest rate and the monthly installments set to pay accordingly.For taking the mortgage loan, home must be the principal residence of the borrower and he or she must be residing there for more than 6 months continuously. Mortgage loan repayment installments are set according to the terms and conditions agreed by the borrower with the lender and the borrower must have the very good credit rating score in order to get the maximum Benefit in terms of loan amount, Repayment method, and easy sanction of the same. However, it is a matter of trust and wisdom and perfect documentation. On this basis, lenders may offer loans to borrowers having lower credit score but then he will have to pay higher interest rates. Again, one can lower the rate by making higher down payment or setting less period for repayment of loan amount.Therefore, I believe that the mortgage loan is good when there is an absolute Necessity of the Loan for some specific objectives. Again, we must keep in Mind that we are putting our most valuable asset on Mortgage to take The Loan of the required amount. Hence, it is equally important to repayment the Loan amount in the specified time to avoid any legal; hassles.

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