The mortgage lending landscape in India has a lot many options. However, as an applicant, you need to know which offer suits you the best. Read on to find more!

1. www.loanXpress.com
Mortgage Loan
And how to choose it

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Introduction
Need
Owning property is ranked amongst one of the best investments, if not the best
This is ideally for the reason that the value of real assets tends to appreciate and hardly depreciates,
that too only when compelled by forces beyond redemption
Owing to this fact, many people often find it a worthy effort to apply for a mortgage loan
 Factors to consider for selecting right mortgage Loan:
•Credit Score
•Gather Information
•Consider your current Income
•Payment Term
•Consider Total Family Income

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Key points to consider
1. Credit Score:
 Improve Your Credit Score prior to borrowing
 Your credit score has a significant impact on the Interest rate and fees to be paid for mortgage loan
 Update your payment records and stay current on the same
 About 1/3rd of your credit score is determined by your ability to make payments for your bills within
the required time – hence ensure that all your debts are paid in time
2. Gather Information – Shop around
 It is not wise for you to consult with only one financial provider
 Don’t hurry up to sign up papers just to get money without looking at the bigger picture. Open up
your ears and eyes to hear and see the changes happening to interest rates
 It is important to go shopping for the best rates and settle for a cheaper loan where possible

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Key Points to consider
3. Consider your current Income:
Your monthly repayment figure should always be about 1/3 of your monthly income or less before
the taxes.
Ask - How much is within reach for you?
Make sure it is an amount that you will be able to pay each month without struggling.
4. Payment Term - Keep it Short
Most mortgage loan tenure provided by major lenders around the world is 30 years. Well, a longer
tenure will guarantee you lower monthly payments.
Don’t be lured by the lower rates but rather, go for a mortgage that will take the shortest period as
possible
While the monthly payment rates may be low, your actual total repayment will be enormous.
For example, a 10-year loan may accrue an interest of about 50% whereas one doubling the tenure
period may accrue interest of up to 120%.
5. Consider Total Family Income
Your ability to borrow and the amount to pick up for a mortgage loan are heavily determined by
what your family earns as a whole. Therefore, it is important to discuss the move with your family
since its repayment will affect the general finances of your household.

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Do’s and Don’ts
Do’s Don’ts
 Pay all your debts before borrowing Borrowing with a low credit score
 Compare interests rates before borrowing
Approaching only one financial institution
for enquiries
 Monthly income should make room for
loan repayment without hitches
Borrowing more than your monthly
income can handle
 Take loans for short tenures
Going for low rates at the expense of
the length of tenure
 Engage your family prior to taking the
mortgage
Taking a loan affecting family without
their knowledge

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We would love to assist you
Get in Touch
Corporate Office:
Vermillion Finalytics Private Limited
1C, Siddhivinayak Chambers,
Gandhi Nagar,
Opp MIG Cricket Club,
Bandra (E),
Mumbai – 400 051
Telephone : (022) – 2655 8760
Tollfree : 1800 – 228 - 005
Email : info@LoanXpress.com
Website : www.LoanXpress.com

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www.loanXpress.com May 2017
We would love to assist you
Get in Touch
Corporate Office:
Vermillion Finalytics Private Limited
1C, Siddhivinayak Chambers,
Gandhi Nagar,
Opp MIG Cricket Club,
Bandra (E),
Mumbai – 400 051
Telephone : (022) – 2655 8760
Tollfree : 1800 – 228 - 005
Email : info@LoanXpress.com
Website : www.LoanXpress.com