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Home Loan .or. Mortgage loan
Author : BABA
Category : Loans
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Home Loan, Mortgage loan, Home Loan Charges,The documents required for the loan,Types of Loans

Home Loan .or. Mortgage loan

 Home Loan .or. Mortgage loan is a secured loan offers the security of property of the house / which is funded by bank loans, the property could be personal property or a commercial. The mortgage loan is a loan from a borrower`s bank issued against the property / security intended to be purchased by the borrower gives the banker a conditional property, namely on the property if the borrower defaults on the loan, the banker can recover the money lent by the sale of the property. Learn more about mortgage articles, click on the section of home loan and mortgage loan must read.

 
Your home is a place to relax after returning from the toil of his day, is where you can give time to your family and spend beautiful moments with them. To purchase a home that can be christened the "owner" is a decision for life and must be taken with a lot of planning and finance requires enormous. Your dream home is not far away, with a mortgage that will fulfill your dream a reality. We are constantly working on Deal4Loans to obtain the best loan deal and brought a little guide to answer some important questions related to mortgage loans and help you decide your loan agreement.
 

 

Types of Loans
There are different types of home loans available in the market to meet the different needs of the borrower.
 
• Home Purchase Loans: This is the basic type of a mortgage that has the purpose of buying a new home.
• Improvement Loan: This type of loan is for renovation or repair of the house is already purchased
• Extension Loan: This loan is for when the borrower wants to extend or expand an existing home, like adding an extra bedroom, etc.
• Home Loan Conversion: It is a loan where the borrower has already taken a mortgage to finance your current home, but now wants to move to another house. Loan Conversion helps the borrower to transfer the existing loan to the new house that requires additional funds, so the new loan pays off the loan earlier and complies with the money to the new home.
• Bridge Loan: This loan helps finance the new home of the debtor that wants to sell the existing home, this is normally a short-term loan to the borrower and help during the transitional period in which you want to sell the old house and I want to buy a new one, you are given so far is a buyer for the old house
• Home Construction Loan: This type of loan when the borrower wants to build a new home.
• loans to purchase land: Is the loan taken for buying land for the construction and investment.
 

 

The documents required for the loan
Usually the documents needed to process your loan application is almost similar in all banks, but may differ in several banks in terms of certain documents following requirement etc. are required by financial institutions to process the loan application:
• Age Test
• Test Management
• Proof of income of the applicant and co-applicant
• The last 6 months bank statement 
• Passport size photograph of the applicant and co-applicant
 
Home Loan Charges
The purchase of a home loan involves not only the cost of loan interest rates at home, but also includes other fees and expenses that accompany the different stages of taking the loan. You should consider these charges when comparing the cost structure through the banks. Following is the detailed fee structure made by banks in different stages of loans:

 

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