The issue for the bank is the curiosity, and it earns curiosity on loans it makes to other people. While you want to apply for a mortgage, you must convince your self that it's essential to be capable of repay your money owed. Most lenders, however, would require you to earn at least Rs.15,000. Collateral is an asset, equivalent to gear, actual property or stock, that can be seized and offered by the lender if you cannot make your funds.