A mortgage loan is a popular financing option that extends a substantial loan value and accompanies a long repayment tenor. Nonetheless, as it creates a repayment liability for an extended period, applicants must be mindful of checking a few things before applying for it.
To begin with, find out about the -
Approval and disbursal process
Mortgage loan from select lenders follow minimal documentation, which facilitates quick processing of loan applications that are usually completed within 3-4 days. This makes mortgage advances like loan against property easy to avail.
Cost of availing the loan
The cost-effectiveness of a loan is a decisive factor as well. Hence, besides finding out more about the loan interest rate, individuals should pay attention to all applicable charges like the processing fees, EMI bounce fees, penal interest and statement charges that accompany it.
Prepayment facility
Individuals must also find out if the mortgage loan comes with an easy prepayment facility or not. Simultaneously, they should find out the charges they may have to pay to avail the services. It will help them to plan and streamline their loan repayment more effectively.
Balance transfer facility
Such a facility helps existing borrowers to lower and manage their debt burden effectively. Borrowers of mortgage advances like a home mortgage loan should find out at the time of application the available balance transfer facility and its adjacent benefits. Subsequently, they should find out the terms and conditions accompanying the same as well.
Lastly, they should pick a mortgage advance that matches their purpose of borrowing and repayment capacity. Based on all these details obtained, individuals can make an informed decision.
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