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A mortgage loan is a loan with a lien on real estate so that the lender has collateral until the loan is repaid. On any given date, the borrower is liable for the unpaid principal balance plus any accrued interest expense up to that point. Mortgage loan can be used in education, a grand wedding, growing business needs, or unforeseen medical expenses etc.
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What is Mortgage Loan? A mortgage loan is one in which you secure funds by pledging your property. It is a type of loan where your house functions as a collateral. By default, The lender is protected by the borrower's collateral which is in the mortgage agreement. Mortgage loan are types of loans that are secured with real estate or personal property. A loan is a relationship between a lender and borrower.
Advantages: • Leverage • Security • Investment Opportunity • Mortgage Interest Deduction
How to apply for a Mortgage Loan? APPLY NOW!
Documents Required for Mortgage Loan Meet the following mortgage loan eligibility criteria to avail the advance.
Mortgage loan interest rate for self-employed individuals ranges between 10.50% and 14.50%. As for salaried borrowers, the general property loan interest rate remains between 10.10% and 11.50%. • A borrower can avail up to Rs.3.5 crore as a mortgage loan with the repayment tenor extending up to 20 years. • LTV can range between 70 and 80% of the property’s market value. Mortgage Loan Interest Rates and Charges
