Mortgage Loan
A mortgage loan is a specialized financial product designed to facilitate individuals in acquiring real estate, typically in the form of homes or properties. This type of loan involves borrowing a substantial amount from a lender, secured by the property being purchased. Mortgage loans offer flexibility and cater to various borrower needs.
The mortgage loan is secured by the property itself, meaning that if the borrower fails to make the agreed-upon payments, the lender has the right to take ownership of the property through a process called foreclosure. The loan amount is determined based on various factors, including the borrower’s creditworthiness, income, and the appraised value of the property. The monthly mortgage payments cover both the principal amount borrowed and the interest, allowing individuals to gradually build equity in their homes while enjoying the benefits of homeownership.
Loan Amount: Usually, the amount of funding you can avail will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 crore.
Interest Rate: Usually, the interest rates on mortgage loans range from 8.15% to 11.80% p.a.
Tenure: The repayment tenure for mortgage loans can be up to 15 years.
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Term Loan
A Term Loan mortgage
is a traditional financing option where the lender disburses a fixed amount of money to the borrower for a predetermined period. This type of mortgage is commonly used for property purchases or financing substantial real estate projects.
Dropline Overdraft
A Dropline Overdraft mortgage offers a more flexible credit option. In this arrangement, the lender approves a maximum credit limit for the borrower, who can withdraw funds as needed, up to this pre-approved limit. This type of mortgage provides adaptability and convenience for borrowers.
Unlike Term Loan mortgages, interest rates for Dropline Overdraft mortgages are not fixed. Instead, they are based on the monthly drawing power of the individual, ensuring that interest is calculated only on the utilized amount.
Term Loan
A Term Loan mortgage is a traditional financing option where the lender disburses a fixed amount of money to the borrower for a predetermined period. This type of mortgage is commonly used for property purchases or financing substantial real estate projects.
Dropline Overdraft
A Dropline Overdraft mortgage offers a more flexible credit option. In this arrangement, the lender approves a maximum credit limit for the borrower, who can withdraw funds as needed, up to this pre-approved limit. This type of mortgage provides adaptability and convenience for borrowers.
Unlike Term Loan mortgages, interest rates for Dropline Overdraft mortgages are not fixed. Instead, they are based on the monthly drawing power of the individual, ensuring that interest is calculated only on the utilized amount.
