Can a lower middle class man afford 2 bhk flat in delhi?

Q: I'm a lower middle class man who earn 10k of month. I want to own a house of 2 bhk. Is it possible.

I've heard of mortgage loan. What is it?

What are the things if a person like me (0 in property) buys a property on mortgage loan?

Please answer

Kunal Virk,

11th August 2014

Buying property in Sangam Vihar, Delhi

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Hi Kunal, It is not possible to get loan against in this salary. For Taking loan against salary will ask lot of question regarding your background and loan recovery. If you have back support of your family or you have any family property then it may chance to get loan other wise it is not possible.
A mortgage is an agreement that allows a lender to seize property when a borrower fails to pay.
For Purchasing any properties in India you have to pay 20% of the total amount and 80% you can take loan from bank.