Mortgage loans are a means to finance your urgent money requirements, whether it is for marriage or hospital expenses. It means you give your property in return for the money given to you. You can surely use the property while you mortgage it but if in case you fail to repay the loan you lose ownership to the property and the lone giving company usually auctions it to cover the loan amount. Here property is strictly restricted to residential or commercial building. Agriculture land cannot be mortgaged.


There are three important factors which decide your eligibility for the mortgage loans. Age is the first determinant. You should be in the age limit of 21-65 years with relevant property and good income. These loans are given only to individuals meaning company, co-operative society, partnership firm and trust cannot apply for it. The property to be mortgaged should be in the name of the person applying for the mortgage loans. If you need money you cannot mortgage your uncle’s house for whatever reason.