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Various types of mortgage financing in India

Mortgage financing in India refers to the process of obtaining a loan from a financial institution to purchase a property, which is secured by the property being purchased. In India, home loans are the most common type of mortgage financing.

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Various types of mortgage financing in India

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  1. Various Types of Mortgage Financing in India

  2. Loan Against Property • You can borrow loan against commercial property, a residential house, or a property used for both residential and commercial purposes.

  3. Advantages And Disadvantages of Loan Against Property • They are available at low-interest rates and provide tax benefits. • You may use the mortgaged property at your leisure. • An average credit profile may result in your approval for a lower amount on a high-value asset.

  4. Commercial Purchase This loan helps acquire property for business use.

  5. Advantages & Disadvantages of Commercial Purchase Loan • Availability of tax benefits under section 37(1) 2. Strict repayment terms that may not align with your business cash flow

  6. Home Loan • You can get this loan for residential property purchase, construction, and renovation.

  7. Advantages & Disadvantages of Home Loan You can claim tax benefits under various sections. You have the option of repaying your loan early without penalty. If the property does not appreciate, the interest payable can become a significant burden.

  8. It is recommended that you evaluate your needs before deciding on any of the above loan products.

  9. Thank you! Would Love to hear from you. Hero Housing Finance Ltd. 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel: 18001024145 Email: customer.care@herofincorp.com Website: https://www.herohousingfinance.com/ URL: https://www.herohousingfinance.com/blog/ knowledge-series-of-experts/type-of-mortgage-loans

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