Typically, individuals can avail a mortgage loan against their immovable assets, residential property or commercial property. The attractive features and associated benefits of this loan make it a preferred funding option among borrowers.
Features and benefits -
High loan amount
Individuals can avail a high loan value that is usually up to 80% of the property’s current market value. Additionally, the rate of interest accompanying a mortgage advance is relatively lower than several other credit options.
Swift disbursal process
Select financial institutions also require minimal documents for a home mortgage loan, which helps to complete the verification process within 3-4 days. As a result, applicants experience quick disbursal of this advance to meet their requirements at the earliest.
Flexible tenor
Typically, a loan against property comes with a tenor ranging between 2 and 20 years. This offers individuals the flexibility in choosing a loan tenor that facilitates easy repayment. Individuals can also use a bajaj mortgage loan calculator to pick a suitable loan tenor and plan repayment more conveniently.
Balance transfer facility
Certain financial institutions also offer loan balance transfer facilities at attractive terms. Individuals can make the most of such a facility and lower their loan burden quickly. Also, some financial institutions provide a top-up loan facility to borrowers along with this refinancing option.
Transparent charges
Leading financial institutions are transparent when it comes to levying additional charges. They also levy zero to nominal charges on part-prepayment or foreclosure facilities and help borrowers to pay off their debt early.
Other than these, zero restriction on the end-use and simple application process also act in favor of a mortgage loan. Regardless, individuals must weigh both the pros and cons of a credit option before applying for it.
Additional Read : Who Uses Mortgage Loan?
