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Loan against Mortgage
Loan against Mortgage Overview
The Bank Finances Loan against Mortgage for expenses related to domestic, education, health, purchase/repairs/developments to house/flat and to improve/expansion of business and to repay the existing debts/take over from other institutions
Eligibility
- Must be citizen of India.
- Minimum CIBIL Score of the borrower should be 650
- The prospective borrower/s should be a customer of our Bank and should comply with KYC norms.
- Salaried/Self-employed/Pensioners can avail loan.
- Sufficient source of income for EMIs.
Features & Benefits
Multiple purpose uses allowed.
Lower interest rate
Longer tenure of repayment
Continued use of property
Quick approval of loan
Tax benefits
No prepayment/foreclosure charges
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Mortgage Loan Services
Real Estate Mortgage Loan
APCOB Bank Finances REML Loan easy to open and simple to use.
Sahakara Mortgage Loan
APCOB Bank's tailored financing solutions are here to support you
SOD against mortgage of property
Overdraft facility against security of urban immovable property located in CRDA and TUDA
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FAQs
1. What is a mortgage loan?
A mortgage loan is a type of loan specifically used to purchase real estate. In this arrangement, the property being purchased is used as collateral to secure the loan.
2. What is the difference between a mortgage lender and a mortgage broker?
Mortgage Lender: A mortgage lender is a financial institution or bank that provides the funds for the mortgage. They lend you the money directly.
Mortgage Broker: A mortgage broker is an intermediary who connects borrowers with mortgage lenders. They help you find the best mortgage deal from various lenders.
3. What factors determine my mortgage interest rate?
Several factors influence your mortgage interest rate, including your credit score, loan amount, down payment, loan term, and current market conditions.
4. What is a down payment, and how much do I need to put down?
A down payment is a portion of the home's purchase price paid upfront. The amount varies but is often between 3-20% of the home's price. A larger down payment can often secure a lower interest rate.
5. What is mortgage pre-approval?
Mortgage pre-approval is a process where a lender evaluates your financial information and creditworthiness to determine how much they're willing to lend you. It gives you a clear understanding of your budget when house hunting.