All To Know About Mortgage

MORTGAGE

All To Know About Mortgage

A mortgage is a loan taken out to buy property or land. The loan is 'secured' against the value of your home until it's paid off. If you can't keep up your repayments the lender can repossess (take back) your home and sell it so they get their money back.

Mortgage are of 3 types:

Types of Mortgage

● Home loans ● Commercial property loans ● Loans against properties

Features of Mortgage High-Value Loans - A salaried individual can avail up to Rs. 1 crore, while a self-employed individual can avail up to Rs. 3.5 crore.

Longer Repayment Tenors - The repayment tenure ranges from 2 to 20 years for salaried customers and 2 to 18 years for self-employed customers.

Competitive Interest Rates - Mortgage loan interest rates are lower than the interest rates of unsecured loans.

Minimal Documents - You only have to provide few basic documents to avail a mortgage loan.

Mortgage Loan Interest Rate

Mortgage interest rate indicates the annual cost to borrow money from your lender. The calculation is considered as a percentage of your total loan balance and is paid on installment, along with your principal payment, until your loan is paid off. Mortgage rates depend on various factors, including availability of money in the market (liquidity), inflation and monetary policies.

Get Competitive Interest Rates with Mortgage Loan

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