There is a common saying that goes – ‘Home is where the heart is.’ Thus, it is only natural for someone to find it difficult to part with their house or property due to some form of emotion or sentiment attached to it.
Nevertheless, many of us may face certain unexpected circumstances that may require us to arrange for finances beyond our immediate capabilities. In such cases, putting up your property as collateral or mortgage for a loan can prove to be a lifesaver. Let’s understand what a Mortgage Loan is and how it works.
A Mortgage Loan is a type of secured loan through which lenders provide financial assistance to an individual or an entity in exchange for keeping one or more of their properties as collateral.
The asset stays as a security with the lender till you pay back the loan as per the specified repayment tenure, which is usually up to 15 years. Such loans can also be availed by real estate buyers to finance the purchase of a new property.
Here are the different types of Mortgage Loans offered by most lending institutions in India:
Here are some of the top benefits of getting a Mortgage Loan in India:
Also Read: Decoding the concept of Loan Against Property (LAP)
To apply for a Mortgage Loan with Poonawalla Fincorp, simply follow the below-mentioned steps:
Irrespective of the kind of property you own, you can easily avail of a Mortgage Loan to meet any of your financial obligations without any hassle.
Yes. You heard it right. You can easily get a car loan to buy a used/second-hand/pre-owned car of your choice. With this loan facility, buying your dream car has become much easier.
Micro, small, and medium enterprises (MSMEs) are the growth drivers of the Indian economy. To sustain their growth, the Government of India provides several subsidies and schemes to them.
Getting a personal loan approved has become a much simpler process. You can easily get a personal loan with minimal documentation. Having said that, you need to have a precise understanding of how to repay your loan quickly.
We all have multiple needs and goals. However, our financial situation often hinders the path to achieving them all. Thanks to Personal Loans, addressing these needs is possible now.
How magical was the day when you discovered your career path? After a lot of research, putting in so much hard work, late nights, your heart and soul, you have become what you are today.
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