Welcome to cochin finance service , your premier source for the best mortgage loans in the state of Kerala and surrounding areas. Our goal is to provide our clients with the most competitive rates and outstanding customer service for all of their mortgage needs. Whether you are looking for a home mortgage loan, or just searching for the best mortgage loans providers, we have you covered.
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We are committed to providing our clients with the best mortgage loans in the industry, and our team of experienced loan officers is here to help you every step of the way. Whether you are a first-time home buyer, or a seasoned real estate investor, we have the knowledge and expertise to help you find the mortgage loan that is right for you.
We offer a variety of mortgage loan options, including home mortgage loans, refinancing, and more. Our competitive interest rates and flexible repayment terms ensure that you can find a mortgage loan that meets your unique financial needs.
If you are ready to take the next step in buying a home or refinancing your current mortgage, we encourage you to contact us today. Our loan officers are available to answer any questions you may have and help you find the best mortgage loans providers for your needs. We look forward to helping you achieve your financial goals.
Well, the amount is usually up to 70% of the property’s value or the highest limit set by the lending institution. A mortgage loan is also referred to as a loan against property (LAP). It is a loan that you can get by pledging a self-owned immovable property with a lending institution. The property can be residential, commercial or industrial. However, financial institutions normally consider a residential property to be the safest and thus, if you are pledging a residential property, you are more likely to get a lower interest rate when compared to a commercial property.
Please be advised that, you will not get the full market value of the property as a loan. It is the lending institutions that determine the mortgage loan amount that can be sanctioned to you. This will be based on the property’s market value, dimensions, location, vintage, etc.
Now, coming to your question, what is the maximum amount of a mortgage loan that you can get for your property. For example, if your property’s value is Rs 30 crores, then 70% of the value is Rs 21 crore. Now, let’s say the financial institution has put a cap on the maximum amount of up to Rs 12.5 crores. So, even though 70% of the value of your property is Rs 21 crores, the maximum amount you can get is Rs 12.5 crores.
Use Of Mortgage Loans
A mortgage loan is a type of loan used to finance the purchase of a property, such as a home or a piece of land. The loan is secured by the property, meaning that the lender can take ownership of the property if the borrower defaults on the loan.
Mortgage loans are typically used by individuals and families to purchase their homes, either as a primary residence or as an investment property. They can also be used to refinance existing mortgages, to consolidate debt, or to tap into the equity in a property. cfs provide best mortgage loans in Kochi | Kerala .
Here are some common uses of mortgage loans:
Overall, mortgage loans can provide individuals and families with the financing they need to achieve their homeownership goals. It’s important to carefully consider the terms and conditions of a mortgage loan, as well as the impact it may have on the borrower’s financial situation over the long-term.
This is a generally useful credit office for example to address real issue based costs viz-marriage/restorative/instructive costs/fixes/redesign/expansion to the living arrangement/business property/buy of buyer durables or any unanticipated costs, and furthermore for interest in business, to address credit issues of exchange, business exercises, other true blue prerequisites of business/calling
A mortgage loan, also known as a mortgage, is a type of loan that is used to purchase a property such as a house, apartment or commercial building. A mortgage is typically a long-term loan, with repayment periods ranging from 10 to 30 years.
Mortgage loans are secured loans, which means that the property being purchased is used as collateral. If the borrower fails to make payments on the mortgage, the lender has the right to foreclose on the property and sell it to recoup the outstanding debt.
There are two main types of mortgage loans: fixed-rate mortgages and adjustable-rate mortgages (ARMs).
Fixed-rate mortgages have a set interest rate that remains the same throughout the life of the loan. This means that the borrower’s monthly mortgage payments will stay the same, regardless of changes in the interest rate.
Adjustable-rate mortgages (ARMs) have an interest rate that can change over time, typically every year. ARMs have an initial fixed period of a certain number of years, after which the interest rate will adjust according to a specified index, such as the prime rate or the LIBOR rate.
The amount of money that a borrower can borrow for a mortgage loan depends on a variety of factors, including their income, credit score, and the value of the property being purchased.
All loans are not created equal, Loans has become a great option for people to use.
Salaried applicants need to satisfy the following home loan eligibility criteria.
| Home Loan Eligibility Criteria | Salaried Employees |
| Eligible Age (Min-Max) | The applicant’s age should be minimum 24 years and maximum 60 years at the time of applying for a home loan if the applicant is a salaried employee. |
| Eligible Income | Salaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities. |
| Minimum Loan Amount | The salaried applicants can avail a personal loan starting from ₹100,000, based on their eligibility. |
| Maximum Loan Amount | The salaried applicants can avail a personal loan up to ₹35 Crores, based on their eligibility. |
| Eligible City | 180 Cities across India. |
| Co-applicant | Not mandatory, but only immediate family members can apply as a co-applicant. |
| Employment | The salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company. |
| CIBIL | Required (750-900) |
Self-employed applicants need to satisfy the following home loan eligibility criteria.
| Home Loan Eligibility Criteria | Self-Employed Professionals |
| Eligible Age (Min-Max) | The applicant’s age should be minimum 24 years and maximum 65 years at the time of applying for a home loan if the applicant is a self-employed professional. |
| Eligible Income | Self-employed applicants should have a minimum monthly income of ₹36,000 per month in a metro city, and a minimum monthly income of ₹30,000 in other cities. |
| Minimum Loan Amount | The self-employed applicants can avail a home loan starting from ₹100,000, based on their eligibility. |
| Maximum Loan Amount | The self-employed applicants can avail a home loan up to ₹35 Crores, based on their eligibility. |
| Eligible City | 180 Cities across India. |
| Co-applicant | Not mandatory, but only immediate family members can apply as a co-applicant. |
| Employment | The self-employed applicants should have a minimum of 5 years of turnover, before they can apply for a home loan. |
| CIBIL | Required (750-900 |
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
Your bank will assess your repayment capacity while deciding the home loan eligibility. Repayment capacity is based on your monthly disposable / surplus income, (which in turn is based on factors such as total monthly income / surplus less monthly expenses) and other factors like spouse’s income, assets, liabilities, stability of income etc.
The main concern of the bank is to make sure that you comfortably repay the loan on time and ensure end use. The higher the monthly disposable income, higher will be the amount you will be eligible for loan. Typically a bank assumes that about 55-60 % of your monthly disposable / surplus income is available for repayment of loan. However, some banks calculate the income available for EMI payments based on an individual’s gross income and not on his disposable income.
The amount of the loan depends on the tenure of the loan and the rate of interest also as these variables determine your monthly outgo / outflow which in turn depends on your disposable income.
You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest. Repayment by way of EMI starts from the month following the month in which you take full disbursement.
The longer the tenure of the loan, the lesser will be your monthly EMI outflow. Shorter tenures mean greater EMI burden, but your loan is repaid faster. If you have a short-term cash flow mismatch, your bank may increase the tenure of the loan, and your EMI burden comes down. But longer tenures mean payment of larger interest towards the loan and make it more expensive.
Yes, most banks allow you to repay the loan ahead of schedule by making lump sum payments. However, many banks charge early repayment penalties up to 2-3% of the principal amount outstanding.
Prepayment penalty may vary according to the reasons and source of funds – if you obtain a loan from another bank for pre-payment the charges are usually higher than when you pay from your own sources. However, you may credit more than your EMI amount into your loan account on a periodic basis and bring down your interest burden as and when funds are available with you.
Most banks do not charge a pre-payment penalty if you deposit more than your EMI payable on a periodic basis. Please check such stipulations while availing the loan. cfc is the Top No1business loan in Kerala | Kochi | 2023
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