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It has been estimated that in India the market of mortgage financing industry is somewhere near US $ 20 billion. This transformation or boom is not an overnight change in fact behind this revolution there has been a lot of notable changes like flow of IT enabled services in India, a grooming MNC culture and apart from that better salaries and income than ever.

As the income of the people today is quite sustainable and supportive. People like to go ahead and look for all the basic necessities in their live. As observed the definition of basic needs in a human’s life can never be defined, everything what one wants or aspires to get in his/her life becomes his/her basic need. Here comes the requirement of ready cash! As mentioned earlier the standard of living of the working couples might have been elevated but the availability of ready cash is still not possible in the Indian scenario.

For that home equity loans are available. Home Equity Loansare actually the loans on mortgage however they are better that mortgage loans because of their advantages. First of all these home equity loans are easily available on easy documentation, apart from that one gets a reasonable deal in terms of interest rates and repayment schedule, in fact one can even think of a tax rebate from these loans.

Financial institutions like CITI bank, ABN amro bank, HDFC bank etc are also willing to give loans on your credit cards for the different requirements in your life. In fact these loans are available without any documentation and just on your prevailing relationship with the bank and apart from that the amount reaches your door step within 3-4 days of your request for the same. Again the interest rates depend on the negotiation with these banks and one can ask for a better deal according to his requirements and affordability.

These loans can be used for different purposes;

For higher education
For marriage expenses
For the expenses of a trip abroad
For the purchase of items.

The reason for taking these loans may differ but the goal of taking these loans is just to fulfill the basic needs of a common man. Depending on one’s affordability one can choose an EMI (equated monthly installment).EMI consists of a combination of interest and principal and is calculated on the following formula

EMI Formula : l x r [(1+r)n /(1+r)n-1 ] x 1/12
l = loan amount
r = rate of interest
n = term of the loan
Apart from this there are automated EMI calculators available online.

Nathen Jones, an expert in mortgage loans is an associate editor for www.mortgagenloans.com. The website is an online portal for providing services related to mortgage loans, equity loans and loan calculators. Send your feedback and views at nathen.jones81@gmail.com.