Mortgage Loan is secured by immovable properties. Therefore, Both residential and commercial properties can be mortgaged. And, this finance is referred as Loan Against Property. For example, the borrower should have ownership of the Property. Or, create an interest in the property. Most importantly, Applicant’s and Co-Applicant’s credit score should be good. In addition, we provide Solutions for CIBILCredit Report Problems. In short, low credit score might challenge to get loan.

Similarly, the applicant’s and Co-borrower’s income may also be considered for LAP. On the other hand, to get maximum loan eligibility both applicant’s and co-applicant’s income will be considered. For instance, if the property is held jointly, then all them should join as co-borrower. But, however, if the property held by borrower, then spouse/children/parents/ siblings may join as co-borrower or as guarantors.

Subsequently, Mortgage Loans are repaid to Bank by Monthly EMI. In the same vein, EMI refers to the ‘Equated Monthly Installment’. Meanwhile, the installments will be paid to bank on a specific date each month. To sum up, these installments are paid till the loan is repaid in full. Further, the EMI comprises of the principal and interest components.