What is a mortgage loan details?
A mortgage loan is a secured loan that allows you to avail yourself of funds. By providing an immovable asset, such as a house or commercial property, as collateral to the lender. The lender keeps the asset until you repay the loan.
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This is a popular form of financing as it helps you avail of a substantial loan amount at a competitive interest rate. YOu can repay over a lengthy tenor.
Mortgage loans are of 3 main types:
Listed below are the three types of mortgage loans that are available to you.
- Home loans
2. Commercial property loans
3. Loans against property have no end-use restrictions. Use it to fund
You may avail of a home loan or a commercial property loan only to purchase a home or a commercial space, respectively. On the other hand, a loan against your child’s overseas education, a wedding, home renovation, medical treatment, or more. You can avail of the fastest loan against property from Bajaj Finserv with the money in your account within 3 days* of approval.
What is a mortgage loan as a car loan?
Car is one of the basic needs of today’s generation. Everybody wants to buy their car but as we all know that the car is one the luxurious item which needs a lot of money at once.
To help all, who can’t afford a car, several online lenders will help you in achieving your dream car. Now you don’t have to wait for two-three weeks to get your loan approved.
The online mode of a car loan is safe and as effective as an offline one. Applying for a car loan online is hassle-free and one of the easiest ways. The paper requirements of the online car loan are also minimal.
A car loan is also known as an auto loan or automobile loan and It is also known as financing sometimes.
A car loan includes the amount of the car, taxes, and other fees. The interest rate of the car depends on the price and age of the car and the credit ratio of the taker. The used car has a lower interest rate in comparison to new cars.
Varieties of car loan options are available online with attractive interest rates.
Advantages of taking a Car Loan
You might be thinking that getting a loan online is risky but you are wrong because it is safe, registered, and free from any kind of fraud.
- You will be getting an immediate amount for new as well for second-hand cars.
- The tenure of a Car Loan can extend from one year to seven-year.
- We can get thrice the amount of your annual income in a car loan.
- You even get a discount on your car if you buy them from the dealer or manufacturer who has a contract with the bank or lender.
- You need not give any extra collateral.
- Your new car will be regarded as collateral until you repay the amount.
- You need to pay equated monthly installments for repayment.
- You can get the finances in less time in comparison to offline car loans.
Eligibility for getting a car loan
- Anyone can get a loan if one fulfills the following eligibility criteria.
- Any person whose age ranges from 21 to 60 years.
- The annual income of the person should not be less than 25 thousand
- The individual must have a strong credit score
Documents required for availing of a Mortage loan
These are certain minimal documentation that one must need for getting the car loan
- Photo Id and any document which proves the age of the taker.
- Residence proof of the individual.
- Updated bank account statement of the person.
- Signature of the person.
- All bank records for the last six months.
- He must be a salaried individual or self-employed.
- Salary slip of the last three months.
- A driving license is very much mandatory.
mortgage loan as a Home loan
A home loan is a secured loan that is dedicated to helping individuals who want to buy their homes. Buying a home is not a kid’s task. It is one of the most expensive dreams. Are you always dreaming about buying your dream home? There are lots of home loan options are available for you at an attractive interest rate. The property you purchase from the money will act as collateral.
You are free to buy any flat or land from the home loan. You can buy the property for personal as well as for commercial use.
Individuals have to repay the amount in the form of EMI. A monthly installment is a process of repayment where the borrower has to pay the fixed amount at the end of every month until the total repayment.
The repayment includes the principal amount, interest rate, and other necessary fees.
The tenure of a Home Loan is 10 to 30 years on average but can be more or less depending on the nature and amount of the loan.
Home loan is granted by housing finance companies and public or private banks.
Home loan lenders offer high findings.
The interest of the home loan is tax-deductible.
Eligibility for a mortgage loan as a Home loan
Owing a home loan needs certain eligibility criteria to be fulfilled. A different home loan may have slightly different eligibility criteria but these are some of the factors which apply to all banks
- Age of the borrower.
- Individuals must have a strong Credit score.
- The lender checks the repayment source of the borrower.
- The employment type of the borrower is an important factor.
- The minimum salary of the borrower.
- The residential status of the individual.
- Margin required is also a major factor.
- Individual stability of the occupation.
Different Types of Mortgage Loans
The need for a Home loan varies from Person to Person based on their budget and need.
Land Purchase Loan: To purchase a piece or several pieces of land.
Home Purchase Loan: You can buy a home or house of your choice with a home purchase Loan.
Home Improvement Loan: This loan is used to renovate and improve the condition of the house.
Construction Home Loan: This loan uses to build a house or home.
Home Repair Loan: its main aim is the repairing and restoration of the house.
Home Extension Loan: if you want to increase the build-up space then you should go for a Home Extension Loan.
What is mortgage loan interest?
Mortgage interest charges on a loan are used to purchase a piece of property. The amount of interest owed is calculated as a percentage of the total amount of the mortgage issued by the lender. The majority of a borrower’s payment goes toward mortgage interest in the earlier part of the loan.
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