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A property is not just your asset, but it is also the biggest security available to you. At many stages in life, you may want to make high-value purchases, but the lack of funds deters you. At these times, you can avail loan against your pre-owned property. This is known as Mortgage Loan. You can avail Mortgage Loan to finance any personal needs or business expansion requirements. You can also use Mortgage loan for financing a house purchase.
About Mortgage Loan
When you plan to apply for a mortgage loan, you should be aware of a few common concepts that are associated with mortgage loans:
The interest rate plays a crucial role in increasing the size of your mortgage loan. The higher the interest rates, the higher the monthly mortgage payment.
Tax and insurance payments also increase your monthly mortgage payments. Insurance provides you protection against any kind of unforeseen events that may cause harm to your property. There are also real estate taxes which need to be paid.
Obtaining a mortgage loan is quite easy. If you have met the necessary eligibility criteria and have a strong credit history, getting a mortgage loan isn’t that difficult. Because of the ease in obtaining mortgage loans, there has been an increase in home purchases backed by mortgage in recent times.
Mortgage Loan is a secured loan therefore lenders can have less worry in disbursing this loan. Since Mortgage Loan is a high-value loan, the risk quotient is presumably higher. But a lender has the mortgage asset as a security. Borrowers must be very diligent in repaying this loan because if it is not repaid on time, the lenders may auction the property or foreclose the loan.
Mortgage loan is one of the most cost-effective ways of borrowing. It is usually taken for a longer duration say 20-30 years. This makes the repayment easy and you can pay the EMIs in a flexible manner spread over a long horizon.
The two main types of mortgage loans include:
Fixed-rate mortgage :
A Fixed-rate mortgage suggests that the interest rate is fixed throughout the tenure of the loan. If case you opt for the annuity payment plan, your monthly repayment will be constant throughout the duration of the loan. On the other hand, if you opt for the linear payment option, your monthly repayments decrease over the period.
Adjustable-rate mortgage :
This mortgage loan is also known as the variable rate mortgage loan wherein the rate of interest keeps changing over the period. It may remain fixed for a certain period of time, however with the change in the monetary policy decisions of the Reserve Bank of India, the benchmark interest rate may change. This can also lead to a change in the interest rate for the Mortgage Loan.
Interest-only mortgage :
There is a third type of Mortgage Loan called the interest-only mortgage. In this type of loan, you only need to pay the interest component towards the loan. This means that the interest amount remains constant throughout the tenure of the loan. The entire principal amount must be repaid at the end of the But, at the end of loan tenure, you need to pay off the principal amount as well.
The process for Mortgage Loan processing is as follows:
1. Can only salaried employees avail Mortgage Loans?
No, salaried as well as self-employed individuals both can apply for Mortgage Loans
2. What is the loan amount that I can receive?
You can receive up to 60%-70% of your property value as loan approximately. In some cases, you may also get 80% of the loan.
3. How long will the lender take to process the entire loan application?
Usually, it takes around 7-10 working days to process the loan application and disburse the loan. The time period may vary across banks.
4. What are the various repayment options available for Mortgage Loans?
There is absolute flexibility in repaying mortgage loans. You can repay it through the EMI mode as well as the ECS system or post-dated cheques.
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