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Mortgage Loan Interview Questions & Answers - Learning Mode
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Mortgage Loan Interview Questions & Answers - Learning Mode

A loan that is secured by property or real estate is called a mortgage. In exchange for funds received by the homebuyer to buy property or a home, a lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost. A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property. Mortgage Loan is an installment loan advanced against real property secured under a mortgage agreement.

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Mortgage Loan Interview Questions & Answers - Learning Mode
Try Mortgage Loan Interview Questions & Answers - Exam Mode
Question: I am looking forward loan against free hold property for few lakhs, my concern is can i get loan without ITR documents as my source of income is rental based?

Answer: Banks and NBFCs need a ITR for approving any loan unless it is a small consumer durable loan. You will need an ITR even if your return is non taxable. Eventually even though you are taking a loan against property, you will need to show that you have an income source for repayment. Source: CoolInterview.com
Question: Hi I am planning to buy a second home. I see that bank lend only 80% and 20% I have to pay. Will bank accept my first home as mortgage for 20% and can I mortgage my second home for 80% loan?

Answer: Yes. That is one possible way. But in that case, most banks treat it as 2 separate loans. One as a usual home loan, providing 80% of the property value, and the second as Loan Against Property. If treated in this way, the interest rate for both loans will be different. Loan against properties usually come with higher interest rates than home loan.

If you can afford both loans, you can go ahead with his option. Source: CoolInterview.com
Question: Wanted home loan against land deed?

Answer: Loan against Land Deed is known as LAP or Loan Against Property. It is just like a personal loan, but the difference is that it is a secured loan. The process for sanctioning of Loan Against Property is just like sanctioning of a home loan or a personal loan. You will have to submit all income documents and if you are eligible for the applied amount, the loan will be sanctioned accordingly. Or else, the maximum possible loan as per your salary will be sanctioned.

As the next step, you wil Source: CoolInterview.com

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Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
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When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
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