What are Mortgage Loans? How are they different from other loans?

Mortgage loan or loan against property, as the name suggests, is finance you are eligible for by mortgaging your existing property. You can avail of this loan for a range of purposes. Some of them are: Investment into your business, expansion of your business, purchasing new commercial property, purchasing heavy commercial equipment, debt consolidation, changing from one to another to get a better interest rate, marriage, higher education for your children, travel plans, and more.

The loan method is simple. You mortgage your property and get finance. If you mortgage your residential property, it certainly doesn’t mean that you lose your home. You can continue living there and make your regular loan repayments.

Considered as one of the safest loan options, mortgage loan is gaining a stronghold over other traditional loan processes. With several competing companies, look for the one offering the best interest rate and maximum value for your property.

Other than tax benefits guaranteed under Indian Income Tax Act, there are several other advantages and special offers that depend on the financial company you may opt for. There are tax benefit calculators easily available and accessible for you.

You can learn a lot about mortgage loans on the internet and also compare between interest rates offered by the top companies in the market. There are other tools including home loan eligibility calculator and EMI calculator that should help you before you start your application process. With the help of these tools, you can find out an approximate value of loan amount you may be eligible for. Further, you can also calculate your Monthly EMIs, stamp duty, etc. Your monthly income, existing loans, credit score, age, educational qualifications are some eligibility factors. Talk to your contemporaries to find out about their experience. The company officials are more than happy to serve your needs and provide guidance. You need to calculate your financial situation so that you know how easily you can pay your EMIs once you get your loan. This step is important so that you do not face financial pressure in the long run.

The financial companies offer great services and customer care in order to ensure complete convenience. Door step services, online mortgage loan application, online payment, safe storage of your documents are just some of these. Stay alert and keep a tab of every transaction you make online. Most of the loan process can be completed online. This helps save your time and money.

I'm a financial advisor with an experience of more than 5 years in a href=https://www.indiabullshomeloans.com/Housing Finance Companies. I have worked for topmost financial firms in India.