If you are dealing directly with any of reputed private mortgage lenders, then obviously you can get good value for loans against collateral of home or shops anywhere in India and at the time normally interest rate are not more than 18% to 24% per annum. The processing fees would be zero and pre-closure charges are not applicable at any time,
Also, the part payment facility would be available on these loans, but it totally depends on the commitment terms for the loans because all these points were decided at the time of the agreement of the loan, either it is a buyback agreement or any of the mutual understanding notarize agreements between the borrower and the private lender.
It completely depends on the nature of lender that means if you are borrowing a loan from any nationalized bank like SBI, BOI, or any other private sector bank like Indusind Bank, Axis Bank, HDFC Bank or any of reputed NBFC like Indiabulls, DHFL, LIC Finance, L&T Finance, Capital First then only the interest rate will be lower like 11% to 16% for any kinds of Mortgage lending against any marketable property in India.
If you are looking for any private lender like local individual financiers then the rate of interest would be more than 18% and can go up to 36% per year. Normally, as per the loan criteria, banks are very flexible and they are bounded by the guidelines of RBI and they have to follow the same that’s why they fund as low as 11% to 14% per annum.
Thus, if you have any bad credit history in any of a secured of unsecured loans in past years, hence at that time private lenders are the solution of your problem. To resolve the issue, you just need to check some other factors apart from interest rates, like the flexible terms of loans like long tenure, zero foreclosure charges, part payment facility in mortgage loan from private lenders and this is the best features in Mortgage.
