Mortgage loan or loan against property means the borrower takes a loan which is secured against his current residential or commercial property. The benefit of mortgage loan is that it considers the market value of the property as on date. As such, the borrower can get higher amounts of loan. Best is, the loan money can be used to meet financials requirements of any kind.
- Salaried Individual
- Self Employed Individual
- Professional Individual
- Working capital requirement
- To fill short term financial requirement
- Business Expansion
- To set up new business
- Debt Consolidation
- Home Extension or Renovation
- Marriage, Travel or Education
- 10 Lac to 30Crore
- Decided on Market Value of Property
- Decided on repaying capacity of the borrower basis income documents
- 5 yrs to 15 yrs
Mortgage Loan FAQ
1. A loan against property is cheapest way to avail loan in the market.
2. In case of self-employed person the interest paid to bank over this loan can be debited in profit & loss a/c as expenses.
3. A loan against property can be utilized to full fill various requirements