A mortgage loan is a type of secured loan where you can avail funds by providing your asset as collateral to the lender. This is a popular form of financing as it helps the borrower avail a high loan amount and prolonged repayment tenure.
A mortgage is usually a loan sanctioned against an immovable asset like a house or a commercial property. The lender keeps the asset as collateral until the borrower repays the total loan amount.
Mortgage loans are of 3 types
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Mortgage loans are secured in nature. A borrower must mortgage a property with the lender to avail this type of a mortgage loan. The collateral is held by the lender until full repayment of the loan is done. The loan is repaid through equated monthly instalments or EMIs.
The mortgage loan repayment tenure is calculated on the basis of amortisation. It refers to the process of calculating the amount of EMI. The value mainly depends upon the mortgage loan interest rates and the principal loan amount.
At the initial stages, the interest component will constitute a larger part of your EMIs as compared to the principal amount. As you continue through the repayment tenure, the principal component of your EMI will increase while the interest value will decrease. However, the total EMI value will remain constant throughout the tenure.
Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a mortgage loan.
Maximum age of applicant at loan maturity: 70 years
Minimum Net Monthly Income: Rs 15,000
Applicant should have the bank specified credit score.
All you need to do is provide your details below application form.
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