A mortgage loan is a loan taken out against a property that you own. This property may be your house, a shop, or even a non-agricultural piece of land. Along with being an asset, a property is one of the biggest securities available to you.
- The rate of interest on Mortgage loans is much lower than on the other loans.
- As these are secured loans, banks are more than willing to provide these loans and you get quick disbursals.
- A mortgage loan can be customized to suit your requirements.
- These loans are generally available for longer tenure going up to 15 years depending on the banks.
- You can choose from a number of interest rates to service your loan: floating rates, fixed interest rates, interest-only mortgage, etc.
- The longer the tenure, the lower will be the EMI and vice versa.
Mortgage Loan FAQs
Who can avail a mortgage loan?
Salaried and self-employed professionals can get mortgage loans, as long as they have collateral (property).
How many days does it take for loan approval?
Mostly, it takes around 7-10 working days, but it depends on banks and their procedure.
What kind of property can be mortgaged?
You can mortgage a self-occupied house, rented residential property or it can be a piece of land that you own. All are eligible until it is free of litigation.
What is the loan amount that I can receive?
You can receive up to 60-70% of your property value, but this entirely depends on the banks as well as the value of your property.
Mortgage Loan Details
You can avail Mortgage Loan to finance any personal needs like fund your child’s education abroad, medical emergency, weddings, vacation, business expansion, etc. Repay the loan in affordable monthly installments and reap the benefits.
Salaried / Self Employed
Resident Indian, NRI