What is Mortgage loan
A mortgage loan helps you borrow money to buy property. You repay the loan in monthly payments, which cover both the amount you borrowed (principal) and the interest charged by the lender. The property you buy serves as collateral, meaning if you fail to make payments, the lender can take the property back.
mortgage Loan Starting
From 8.35%* pa onwards
Types of Mortgage Loans
- Adjustable-Rate Mortgages
- Interest-Only Mortgages
- Government-Backed Mortgages
- Conventional Mortgages
Features and Benefits of a Mortgage Loan with loanpe
A mortgage loan has many features and benefits. Some of them are –
- Lenders prefer fully constructed properties and have the right to reject a property
- Property used as collateral needs to have commercial value and be a freehold property, which means it can be transferred to a new owner
- Mortgage loans come with lower interest rates and longer tenures, lasting decades in a few cases, with flexible repayment terms
- You can customize your mortgage loan according to your needs
- During the course of repaying the loan, you remain the legal owner of your property
- The features and benefits differ from bank to bank. Contact the lender for more details on mortgage loans.
Documents Required for Mortgage Loan Applicants
- Duly filled and signed copy of the application form
- Proof of identity documents such as a passport, Aadhaar, PAN, Voter ID, etc.
- Proof of address such as Aadhaar, Passport, Driver’s License, Voter ID, etc.
- Form 16
- Salary slips for the last 6 months (for salaried applicants)
Conclusion
A mortgage loan is a big financial step but a key tool for buying a home. By learning about the types of loans, eligibility, and the process, you can choose the best option for your needs. Whether you’re buying your first home or refinancing, researching and comparing options helps you make a smart decision and manage your finances better.
