Mortgage is type of loan where home is kept as collateral. If you want to know more about different types of mortgages and the eligibility criterion for the same then this CS Sudheer review will help you understand all the intricate details before applying for a mortgage.
Types of Mortgages
Here, mortgagee will not be getting property’s possession. However, mortgagor will be part of a legal agreement where he will have the responsibility of repaying the mortgage. The mortgagee will get the right of selling the property and recover his dues.
As per Indian Money Bangalore review, the borrower gives full possession of his or her property to mortgagee till the time all the money that is taken as loan is repaid and there are no complaints. Another thing to mention here is that the mortgagee receives rent as well as other advantages from the property.
Mortgage by Conditional Sale
The property is sold by mortgagor on the condition that such sale by default is going to be permanent or absolute. According to Indian Money Bangalore, in case mortgagor is able to make the due payments then the sale will become void. In such situation, property is to be transferred back by mortgagee to mortgagor.
Eligibility Criterion for Mortgage
As per IndianMoney.com Bangalore, eligibility criterion that you need to keep note of while applying for a mortgage include:
- Self-employed and salaried people can apply for a mortgage loan.
- As per CS Sudheer review you can get a loan that is up to seventy percent of property’s value.
- The bank will be performing checks to analyzeany complaints, title documents and property’s value.
- A person should be getting at least Rs.25,000 as salary to avail this type of loan.
- If you are employed then you need to have about three years of experience.