A mortgage loan, with its long history, is offered by a lender upon pledging property or any other asset such as gold. Property mortgage loans are meant to raise funds to buy the property, or the owner of an existing property can raise funds for any purpose with the help of a mortgage loan. Similarly, an individual can pledge the gold he owns to raise funds for any purpose.
How Did it Start?
The evolution can be dated back to the times of the barter system where people exchanged services and goods they have for the services and goods they need. Upon the invent of money, individuals would pledge their assets for raising capital from small lenders. Once the repayment is made, the borrower can get possession of the property.
It began with borrowing money from a rich person in the locality; later, co-operative societies were formed to lend money for farming and other needs. The popularity of such co-operative societies grew, leading way to form government-recognised banks. Now, numerous banks and financial institutions are offering mortgage loans of all kinds.
Process of Pledging to Raise Funds
The whole purpose of pledging an asset to raise funds is to make the loan ‘secure’. A legal procedure is followed in evaluating the asset and fixing the lending value. The terms and conditions of the loan will be specified in a stamp paper; both the lender and the borrower are supposed to give their consent to make the transaction legal. The agreement states that the lender can take possession of the asset and sell it to pay off the loan if the borrower defaults on the loan.
In the case of property mortgage, the process begins with the lender visiting the property. He takes the locality, property value, the age of the property, and resale value into consideration. Also, a legal advisor verifies the property documents such as the sale and purchase agreement and tax payment receipts. Once the lender is sure that there are no risks involved with the transaction, he approves of the loan and lends money.
When it comes to gold mortgage, the items to be pledged is verified for its purity and weight. Based on these two criteria, a value is fixed for the details, and when both the parties agree, a legal document is signed.
Property mortgage usually has a longer repayment term as compared to a gold mortgage. The former will have a repayment term of up to 30 years for a new property, and a refinance, it can be up to 20 years. In contrast, the repayment term is hardly two years for a gold mortgage.
Trends of Indian Mortgage Industry
In India, the mortgage sector is considered the highest contributors in the banking and insurance industry. A Morgan Stanley report said that India’s property market sales are expected to grow at a 14% compound annual rate during 2016-2020 and an 18% during 2020-2025. Mortgage industry reflects a similar growth potential as most individuals prefer purchasing a real estate property with a mortgage loan.
Government incentives and subsidies have been a big-time hit in boosting residential real estate, especially in the case of budget housing. This lead to housing credit growth of 17%-19% in the previous fiscal year as per a report.
In FY18, the housing credit grew at 16%, marking a significant milestone as compared to the 9.5% growth in FY17. The overall growth of 39% was observed in the housing credit sector over the year ending in March 2018. The report stated that the mortgage penetration level to go up by 300-500 bps over the next five years.
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Mkopo wa nyumba, na historia yake ya muda mrefu, hutolewa na mkopeshaji juu ya dhamana ya mali au mali nyingine yoyote kama vile dhahabu. Mikopo ya nyumba ni mkopo wa kukusanya fedha kwa ajili ya kununua mali, au mmiliki wa mali ya sasa anaweza kukusanya fedha kwa ajili ya kusudi lolote kwa msaada wa mkopo wa nyumba. Vivyo hivyo, mtu anaweza kuahidi dhahabu anayo ili kukusanya fedha kwa kusudi lolote. Ilianzaje? Mabadiliko hayo yanaweza kurudi nyuma hadi nyakati za mfumo wa kubadilishana ambapo watu walibadilishana huduma na bidhaa walizokuwa nazo kwa huduma na bidhaa walizohitaji. Baada ya kutokezwa kwa pesa, watu binafsi wangeweka mali zao kwa ajili ya kukusanya mtaji kutoka kwa wakopeshaji wadogo. Mara tu malipo ya mkopo yatakapofanywa, mkopeshaji anaweza kupata mali hiyo. Ilianza kwa kukopa pesa kutoka kwa mtu tajiri katika eneo hilo; baadaye, mashirika ya ushirika yalianzishwa ili kukopa pesa kwa ajili ya kilimo na mahitaji mengine. Umaarufu wa mashirika hayo ya ushirika ulikua, na kuongoza kwenye kuanzishwa kwa benki zinazotambuliwa na serikali. Sasa, benki na taasisi nyingi za kifedha zinatoa mikopo ya nyumba ya aina zote. Mchakato wa pledging kukusanya fedha Lengo lote la pledging mali kukusanya fedha ni kufanya mkopo "salama". Utaratibu wa kisheria hufuatwa katika kutathmini mali na kuamua thamani ya kukopesha. Masharti ya mkopo ni wazi katika hati ya muhuri, na mkopeshaji na mkopeshaji lazima kutoa idhini yao kwa ajili ya shughuli ya kisheria. Mkataba huo unasema kwamba mkopeshaji anaweza kuchukua mali na kuizaa ili kulipa mkopo ikiwa mkopeshaji hajalipa mkopo. Katika kesi ya mkopo wa mali, mchakato huanza na mkopeshaji kutembelea mali. Yeye hufikiria eneo, thamani ya mali, umri wa mali, na thamani ya kuuza tena. Pia, mshauri wa kisheria hukadiria hati za mali kama vile mkataba wa kuuza na kununua na risiti za malipo ya kodi. Baada ya mkopeshaji kuwa na uhakika kwamba hakuna hatari inayohusika na shughuli hiyo, yeye hukubali mkopo na kukopa pesa. Linapokuja suala la mkopo wa dhahabu, vitu vinavyopaswa kuahidiwa huchunguzwa kwa usafi na uzito wake. Kulingana na vigezo hivyo viwili, thamani huamuliwa kwa ajili ya maelezo, na wakati pande zote mbili zinakubaliana, hati ya kisheria hutiwa sahihi. Mikopo ya mali isiyohamishika kwa kawaida ina muda mrefu wa kulipa ikilinganishwa na mkopo wa dhahabu. Mfuko wa kwanza una muda wa malipo ya miaka 30 kwa mali mpya, na refinancing inaweza kuwa hadi miaka 20. Kinyume chake, muda wa kulipa ni miaka miwili tu kwa mkopo wa dhahabu. Mwelekeo wa Sekta ya Mikopo ya Nyumba ya India Katika India, sekta ya mikopo ya nyumba inachukuliwa kuwa mchangiaji mkubwa katika sekta ya benki na bima. Ripoti ya Morgan Stanley ilisema kuwa mauzo ya soko la mali isiyohamishika la India yanatarajiwa kukua kwa kiwango cha kila mwaka cha 14% wakati wa 2016-2020 na 18% wakati wa 2020-2025. Sekta ya mikopo ya nyumba inaonyesha uwezo sawa wa ukuaji kama watu wengi wanapendelea kununua mali isiyohamishika na mkopo wa nyumba. Msaada wa serikali na misaada ya kifedha imekuwa na athari kubwa katika kukuza mali isiyohamishika ya makazi, haswa katika kesi ya nyumba za bajeti. Hii ilisababisha ukuaji wa mikopo ya nyumba ya 17% hadi 19% katika mwaka wa fedha uliopita kulingana na ripoti. Katika mwaka wa fedha 2018, mkopo wa nyumba ulikua kwa asilimia 16, ikionyesha hatua muhimu ikilinganishwa na ukuaji wa asilimia 9.5% katika mwaka wa fedha 2017. Kwa ujumla, ukuaji wa asilimia 39 ulionekana katika sekta ya mikopo ya nyumba katika mwaka uliomalizika Machi 2018. Ripoti hiyo ilisema kuwa kiwango cha kupenya kwa mikopo ya nyumba kitaongezeka kwa 300-500 bps katika miaka mitano ijayo. Kwa maelezo yoyote au maoni juu ya mada hii, tafadhali wasiliana na mwandishi kwenye barua pepe@example.com.