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Top Features and Benefits of a Mortgage Loan

· Mortgage Loan

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?

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