Mortgage Loan

About Mortgage Loan

Mortgage Loan is one of the variants of the Personal loan, Laps are secured loans offered by banks and financial institutions using one or more properties owned by you as collateral.

One can avail these mortgage loans against commercial property and residential property collaterals. In a LAP the property is mortgaged and a fixed percentage of the prevailing market value of the property (normally between 60-70% of the value of the property) is given to the borrower as a loan. Though such a property is mortgaged to the lender, you are still allowed to continue using it for residential or commercial purposes.

Mortgage Loan is a highly preferred form of loans in India, and are much more easily available with the surge in banks and NBFCs providing such loans. Along with being cost-effective, these loans are reasonably convenient to avail and repay due to the relatively low Loans against Property interest rate.

Features of Mortgage Loan

  • In case of a loan against property, financial institutions offer higher loan amount for longer tenure and at attractive interest rates as compared to other loan plans.
  • Quick and hassle free process of Loan against property with speedy approvals.
  • Residential and commercial properties are accepted as collateral to get loans against property.
  • Mortgage Loans are an excellent debt consolidation tool.