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A mortgage loan is a type of secured finance. Under the mortgage loan, you can avail a large loan amount when you keep an immovable asset as collateral with the lender.
The security could be anything from a residential to commercial property or other ones like heavy machinery and even industrial property.
Since borrowers keep collateral to avail such a loan, the applicable rate of interest on it is much lower. Hence, you can avail a large loan amount to meet your different needs and pay smaller EMIs.
To know how much loan amount you will get while keeping the property as collateral, you can use the mortgage loan calculator. Mortgage loans are of different types. Let’s take a look at them and explore further in this post!
Under this type of mortgage loan, you are allowed to mortgage the immovable property to get the loan personally simply. If you fail to make timely repayments, then the lender has the right to sell off your asset.
This type of mortgage loan permits the transfer of the property’s possession to the lender. The lender can profit from it and receive rents without the creation of borrower’s personal liability.
This type of mortgage loan leads to the establishment of personal liability on the borrower. This way, the asset that is mortgaged gets transferred to the creditor on a condition there will be successful repayments towards the loan – leading to recovery.
Mortgage by conditional sale
In this type of mortgage loan, a mortgagor sells the property with conditions that it will become effective if there is the default on repayment. But if there are successful repayments, then this arrangement stands null and void.
Mortgage by deposit of the title deed
If you want to know how to get a mortgage loan under this type, then the applicant deposits the mortgaged property’s title deed. It is with the loan provider and is against the loan to avail.
You have so far come to know how to get a mortgage loan under various types. Under the anomalous mortgage, any mortgage that does not fall under the discussed ones is the one that lies within it.
Some of the other types of mortgage loans are also available in India. These are home loans, land purchase loan, lease rental discounting, and loan to purchase another commercial property, loan against commercial and residential property.
How to apply for mortgage loans?
If you wish to know how to apply for mortgage loans, then you can follow some standard steps to do that. But these steps may vary from lenders to lenders.
- Land on the website of the lender that you wish to apply for the mortgage loan with.
- Fill the online mortgage loan application form.
- The representative of the lender will now get in touch with you within 24 hours.
- If you are the right candidate for the loan, then the approval for the same will come within 48 hours.
- Submit the required loan documents to the lender’s representative.
- The approved loan amount will be credited to your bank account within 4 days after the loan approval and documents verification.
You can apply for mortgage loans if you have a property to keep as the collateral and get a large amount of money.
Based on your profile (salaried/self-employed), you can get a considerable amount that can cater to your diverse needs without usage restrictions.
You can get the best mortgage loan deal by comparing all offers on a third-party website. This way, you can know which one is the best offer matching your needs and repayment aptitude.