Mortgage loan is one of the popular types of loans. Since ancient times, this loan has been used by people to meet their various financial needs. Mortgage loan refers to a loan where a property has to be kept as mortgage to the bank or the NBFC. The borrower gets the funds against the mortgaged property. Many banks and NBFCs offer various types of mortgage loans in India.
Features and benefits of mortgage loan in India:
- Mortgage loan in India is a secured type of loan.
- This loan comes in longer tenure with smaller EMI options.
- Banks and NBFCs often offer customized loan as per the needs of the borrower.
- As it’s the secure loan, it offers lower interest rate compared to unsecured loan as the property is being kept as mortgage.
- If by any chance the borrower fails to pay off the mortgage loan, the lender has the right to repossess the mortgaged property.
- After the repayment of the loan, the borrower becomes the sole owner of the mortgaged property.
- With a mortgage loan, anyone can afford to buy a house.
- Mortgage loan is given for residential as well as commercial properties.
- The borrower can pay off the mortgage loan by EMI i.e. Equated Monthly Installment.
- The mortgage loan is easily available as it’s offered by various banks and NBFCs.
- One can get a mortgage loan anywhere in India.
- Banks and NBFCs have a very specific documentation list and eligibility criteria to approve and process mortgage loan.
- Banks and NBFCs offer fixed as well as floating interest rate for mortgage loans.
- One can avail larger amounts of loan via mortgage loan.
- The funds a borrower gets from the mortgage loan can be used for personal as well as business needs.
- Self employed as well as salaried employees also get mortgage loan.
- Mortgage loans are good to build a strong credit score.
Now you can apply for a mortgage loan online via Ruloans.