MORTGAGE LOAN
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?
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Documents Required for Mortgage Loan
Meet the following mortgage loan eligibility criteria to avail the advance.
Mortgage Loan Interest Rates and Charges
● Mortgage loan interest rate for selfemployed 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.
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