i am Sowjanya M, Advocate from Hyderabad, Telangana Stata, INDIA.
i deal with the circumstances of civil and prison issues from solely Hyderabad location.
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Hello viewers in this video I’m going to let you know
What is Mortgage ? How many types of mortgages are there?
Mortgage means it’s a kind of safety given on the time of taking loan.
Let’s assume that there’s Buyer , who needs to buy a home.
Example :
If a purchaser needs to purchase a home for 50 lakhs however he have solely 10 lakhs with him then he’ll strategy the Bank to offer him a loan of that remaining 40 lakhs to purchase that home.
Bank is not going to give the loan quantity on to the customer as first the customer will make the down fee of 10 lakhs to the vendor and financial institution will approve his loan and provides that 40 lakhs to the vendor immediately and Bank will preserve all of the Title Deeds and paperwork of the home with it as a safety of loan given to the customer. Loan settlement between the financial institution and the customer and a Charge will likely be created between them.
If the customer makes any default in the fee of the loan quantity then the financial institution will promote this home and get well its loan quantity ..that is known as as Mortgage.
Mortgages will likely be of 2 types: they’re .
Secured loans and
Unsecured loans.
In temporary : Secured loans : Secured loans are these by which there’s a safety given to the lenders/ collectors.
Loan Against the property , that’s property loans ,, which is named as Home loans.
Bike loan or Car loan , right here there will likely be a word written on the doc of bike or automotive RC as Hypothecation.
Gold loans .
Loans towards securities like [ fixed deposits= FD , Mutual Funds =MFs, Shares , etc].
Unsecured loans:
Unsecured loans are these loans the place isn’t any safety given to the collectors / lenders solely primarily based on the credit score historical past the loan will likely be given.
Personal loans: Based on credit score historical past.
[ CIBIL= Credit Information Bureau India limited ].
Educational loans.
Credit card money owed .
Equity means the possession,
Debt.
Ok viewers that’s all in this video. If you have got any doubts please mail me or remark me.
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Civil issues like household associated circumstances, property switch circumstances,and so forth, i’ll give free authorized recommendation and authorized assist to your queries.
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Kinds of Gift deeds, Drafting of deeds , land registration course of and particulars to know earlier than the registration of land, mutation ,and so forth.,
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sowjanya advocate
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