A mortgage loan is a legal agreement between a lender and a borrower that allows the lender to claim the borrower’s property if the borrower fails to repay the loan. The property is used as collateral for the loan, and the borrower makes regular payments to the lender over time.

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Here are some things to know about mortgage loans:

Purpose
Mortgage loans can be used to Business establishment, buy a home, refinance an existing home, or build a house.

Interest rates -9-12% P. A.
Mortgage loans typically have reasonable interest rates because the property is used as collateral, which reduces the risk for the lender.

Loan terms
Mortgage loans can have a long tenor, sometimes up to 12 (2+10) years, and the borrower can choose a duration based on their repayment capacity.

Loan amount upto 70% on Market Value :
Mortgage loans can offer large loan amounts based on the borrower’s profile and the value of the property.

Balance transfer & Takeover Loans:
Mortgage loans often allow borrowers to transfer their balance to another lender if they can get better terms or interest rates.

Underwriting:
Mortgage applications go through a rigorous underwriting process before they can be closed.

Borrower requirements:
Borrowers must meet certain requirements, such as minimum credit scores and down payments.