Need to Prepare a Mortgage Deed? Are You Planning to Take Mortgage loan? at first you need to know about mortgage. mortgage is a Confirmation or Security Asset which is handed over temporarily until the debt money paid to a bank or financial institution. Bank or financial institution or mortgagee can sale this asset to recover debt money. document containing such types of term and condition is called mortgage deed. in this article we will share the process of getting mortgage loan. 

What is Mortgage Deed?

Mortgage Deed is a document of an agreement. to kept your (mortgagor) valuable asset or property to a bank or financial institution (mortgagee) as a confirmation of paying debt money is called mortgage. if a mortgagor cannot pay the debt money within a specified time than mortgagee can sale this asset to any other person by the power of mortgage deed. and will be capable to recover this debt money from that sale.

Process to Get Mortgage Loan

Mortgage is loan is easier to get in compare to other loan. mortgage loan is more popular than others because of its interest rate. it is not much higher than home loan. if you have a land or building on your own name than you can apply for this types of loan easily. to get mortgage loan the concern bank or financial institution will consider the following things:

1. You Mortgage Property Must Have to be immovable like land, building etc. 
2. You must have to be the original owner of your mortgage property.
3. You Have all the supporting documents of your own identity as well as your property ownership documents.
4. All other government utility service tax, holding tax land development tax is paid regularly on your own name.
5. You are a salaried or self employed person capable to pay the monthly premium of your debt money.
6. You are Applying for this loan for some valid reason like to to develop your business, to construct the building, or to fund your child for higher education.
7. You are Ready to Pay the debt money within specified time. etc. 

So, After Consideration of All things if you are qualified and ready enough than you can apply for mortgage loan.

Formal Process of getting mortgage Loan:

1. Choose The Concern Bank Where You will get the best and cheaper interest rate. (now in almost all banks are maintaining their interest rate competitive. and all of them are within 12%-15%) 
2. After choosing Your Bank Fill Up The Mortgage Loan Application Form. And Submit all the valid and copied documents of your property. 
3. After submitting this form they will check your land documents by their appointed lawyer. and lawyer found that all the documents you have submitted is ok. than you will get a confirmation call to submit your original documents. 
4. After submitting your original documents Bank will issue a cheque for payment of debt money. (you may get up to 75% of loan amount if your property is high valued enough.)

So This Are The Process of Getting Mortgage Loan. Are You interested to know you are eligible for mortgage loan or not? Ok We can help you in this matter. 

Go to lawsnlayers.com/contact-us to consult with lawyer in this issue

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