Quick Answer: What Is An Sbi Mortgage Loan?

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What is bank mortgage loan?

A mortgage loan is a type of secured loan where you can avail funds by providing your asset as collateral to the lender. A mortgage is usually a loan sanctioned against an immovable asset like a house or a commercial property. The lender keeps the asset as collateral until the borrower repays the total loan amount.

What is the rate of interest on mortgage?

The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Usually, the amount of funding you can avail will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs. 10 crore.

What is the minimum amount for loan against property?

The minimum loan amount that can be availed is Rs. 10 lakh while the maximum loan amount that can be availed is Rs. 5 crore.

Which bank is best for plot loan?

SBI is the best bank for plot loan because it offers lowest interest of 6.65%. In addition to that, based on customer service,Axis Bank, is the best option to avail loans at satisfactory service.

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Who can apply for mortgage loan?

MORTGAGE LOAN ELIGIBILITY

  • Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property.
  • Minimum age – 18 years and maximum age – 75 years.
  • Individuals may apply singly or jointly with other eligible individuals.

What is the current Fed rate 2020?

What is the current federal reserve interest rate? The current federal reserve interest rate, or federal funds rate, is 0% to 0.25% as of March 16, 2020.

Which type of loan has lowest interest rate?

Mortgages have among the lowest interest rates of all loans because they are considered secured loans. Though variable rate loans occasionally are offered, most home buyers prefer fixed-rate mortgages, which are at all-time lows at the end of 2020.

How much loan can I get if my salary is 1 lakh?

For example, if you earn Rs 1 lakh and have expenses of Rs 30,000 a month, then you can easily go for a loan with Rs 40,000 EMI. But for someone with the same Rs 1 lakh salary, but having Rs 75,000 in expenses, will find the Rs 40,000 EMI unaffordable.

How much loan can I get on my salary of 15000?

A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.

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