Everything You Need To Know About Mortgage Loan

 



A mortgage loan is a loan that is taken against a property. The property can be a house, piece of land, gold, etc. You can take mortgage loans from banks and nonbanking financial companies. The lender provides you the principal amount along with interest on it. The Property stays in the possession of the lender for the tenure of the loan. 

Types of interest rates

  • Fixed Rate of Interest: 

  • The rate of interest will be the same for the entire loan period. 

  • Floating Interest Rate

  • The rate of interest can be changed according to the prevailing market rate.


Benefits of a mortgage loan

  • You remain the owner of the property.

  • Mortgage loans are secured types of loans.

  • The rate of interest is low compared to personal loans.

  • Flexible repayment options.

Eligibility criteria of mortgage loan

Source of Income: You must have a stable source of income. You can provide a salary slip or bank statement as income proof.


Debt to income ratio: It is the percentage of your income that you will pay as a debt. A large debt-to-income ratio means you have to pay a large amount as debt and think that you will not be able to pay installments.


Also Read: What are the Benefits of a Personal Loan?



Some aspects of mortgage loan

Principal Amount: The maximum amount of loan is offered up to 90% in India. The amount of the loan depends upon the lender to lender.


EMI: You have to pay equated monthly installments every month. You have to pay the principal amount and interest as EMI. The amount of the loan depends upon the period of the loan.


Tenure: It is the time for which the loan has been taken. 


Rate of Interest: There are two types of interest rates- fixed rates of interest and floating rates of interest.


Other Charges: Some lenders charge small processing fees.


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