The Use Of Mortgages For Contractors

If someone wants to acquire the finance for the purpose of purchase of a new house and he is doing some sort of job in the private sector. He has to furnish his three latest salary slips dully signed and recommended by the authorized person of his department along with the bank statement of account where his salary is being routed. These are the compulsory formalities like the use of mortgages for contractors.

These are the basic property documents that have been furnished to get a loan backed by the security of mortgage. The procedure mentioned above and the use of mortgages for contractors can be helpful to all the readers. After the receipt of all above mentioned property documents, the processor will send a copy of each document to the layer of the contractor of bank to know about his legal opinion in the matter.

The layer will be responsible to the check the genuineness of each document provided by the processor. If satisfied from the documents he then will write his legal opinion i.e. whether this mortgage will be in favor of bank or not dully signed by him on his letter head pad. If the contractor mortgage will be in favor of bank or DFI then the processor will take the next step to get this loan sanctioned for the satisfaction of the customer.

The housing loan is applied for individuals and can be divided into several types:
*Sale agreement of the house
*Home finance for construction of a house
*Non encumbrance certificate from the concerned authority
*Certified copy of mutation of the house.
*Approved map of the house by concerned & authorized department

It has also been transpired form the above mentioned procedure that it will take one to two months for getting the mortgage loan / secured loan. The processor will gather all the documents make a covering letter and will attached his salary slips, accounts statement and the legal opinion of the layer and send in to incharge EAMU. The EAMU incharge (external agencies management unit) will get the borrower verified by conducting his physical verification through a verification officer of his office. This officer will visit the home and the officer of the customers as per the addresses given by him in his loan application form.