Home Mortgage Loan Application: Fill & Download for Free

There is a very thin line between a home loan, mortgage loan and a loan against a property when it comes to the Indian context.Home loansare essentially loans given by the bank for the purpose of acquiring a home or a residential property.Banks give the loan but the home or property is served as collateral to secure the loan.In case of non-payment or default, the bank can liquidate the property and get back its issued loan amount.Mortgage loansare loans in which the loan applicant is supposed to give a property or any security as mortgage.The mortgage can be land or assets like gold, securities, insurance etc.There are very few mortgage free loans, one example being personal loans. Most other loans require a mortgage or security to facilitate a loan request from the bank or NBFC (non-banking financial companies).The home loan is a type of mortgage loan.Loans Against PropertyThe loan is given against a property which is held as security.The loan can be against any property of the loan applicant and not necessarily against a residential property.It can be facilitated by mortgaging any property which stands in the name of the loan applicant.Here, the amount given as loan is irrespective of the purpose and can be used for any immediate financial requirements, unlike a home loan.You might also want to look at:Let's Talk Mortgage Loans7 Things We Bet You Didn’t Know About Your Home LoanLoan Against Property Vs. Personal LoanShort-Term Loans: How Do They Work?If you have any other Personal Finance queries, follow me, reach out and I'll be happy to answer them for you - Adhil Shetty (@adhilshetty) | Twitter

If you're just finishing medical school and starting out on your path to becoming a practicing physician, I imagine it can be such an exciting time—but also a stressful one. Most doctors just finishing medical school are saddled with student loan debt. This means that simply doing things like purchasing a car or a home can be daunting. Luckily, however, I've learned recently that physicians don't have to wait years until they're out of debt in order to purchase a home. Instead, they can take advantage of financial solutions that many banks and NBFC now offer specifically for doctors who are ready to buy a house, despite their student loan debt—including physician home mortgage loans.If you're not sure what a home loan for doctors is, or why you might want to consider home mortgage loans for helping you make a purchase, the following information I've gathered may be useful.So, What Is a Physician Home Mortgage Loan?It can help to understand the basics of a physician home mortgage loan before you decide whether it's worth it to take one out or not. I recently read this helpful blog about the basics of physician loans and what benefits they offer. Here are some of the most important parts of doctors' home loans to understand:Only available to doctors: Physician home mortgage loans are only available to doctors. This is a special privilege for having completed so much schooling for a career that is likely to be lucrative.Loans with flexible terms: There are many, many types of doctor home loans. You can find a loan that fits your needs in order to make sure you're getting the right physician home mortgage loan.Loans don't require work history or no debt: You can have student loan debt when you apply for a physician home mortgage loan. You can also have a limited work history. Lenders understand these things about doctors starting out and won't deny loan applications because of them.Well, Is It Worth It to Take Out a Home Loan for a Doctor?So, now that you know what a physician home mortgage loan is, you may be wondering: should you take one out? Here are the best benefits I recommend keeping in mind when you're weighing your options.Minimal down payment: You'll need very little money upfront to get a loan. This means that you won't be letting go of a lot of cash in order to get one.Avoid private mortgage insurance: When you get a doctor home loan, you don't need to get private mortgage insurance and will save money compared to other mortgage options.Job offer is sufficient proof: No need to gather tons of documents and statements to get this loan. One of the things that is sufficient proof is a job offer.Here are some cons of physician home mortgage loans:Potentially restrictive: It's possible that the loan will restrict the kind of property you can buy.For new grads: If you're not newly graduated, it's possible you won't qualify after applying.Higher fees: Some banks have higher fees and interest associated with a physicians mortgage, especially if a physician has a high DTI.To decide whether a physician home mortgage loan is worth it, weigh the pros and cons of a loan. Then think about other types of loans you may be able toget,or other ways you can fund a home purchase. Once you've learned about mortgages, make an informed, well-thought-through decision. If you want more help understanding your options and their perks and drawbacks, I recommend also taking the time to visit this blog to learn more about the process.

It changes pretty dramatically depending on the year.Most mortgages are required to be reported to Home Mortgage Disclosures Act (HMDA).According to HMDA:In 2014, 5,979,766 mortgages were closed from 11,875,464 applications. (50.35%)In 2013, 8,706,657 mortgages were closed from 17,016,159 applications. (51.17%)In 2012, 9,783,966 mortgages were closed from 18,691,551 applications. (52.34%)In 2011, 7,095,262 mortgages were closed from 14,873,415 applications. (47.70%)In 2010, 7,863,337 mortgages were closed from 16,348,557 applications. (48.10%)In 2009, 8,950,936 mortgages were closed from 19,493,491 applications. (45.92%)In 2008, 7,177,262 mortgages were closed from 17,391,570 applications. (41.27%)In 2007, 10,441,545 mortgages were closed from 26,605,695 applications. (39.25%)Over the last 8 years, there were on average 8,249,841 mortgage originations from an average of 17,786,988, applications, which is an 8 year closing average of 46.38%.Source: Home Mortgage Disclosure Act