What is a mortgage loan?
A mortgage loan is a secured loan that allows you to avail funds by providing an immovable asset, such as a house or commercial property, as collateral to the lender. The lender keeps the asset until you repay the loan.
This is a popular form of financing as it helps you avail a substantial loan amount at a competitive mortgage loan interest rate and repay over a lengthy tenor.
Mortgage loans are of 3 main types:
Listed below are the three types of mortgage loans that are available to you.
- Home loans
- Commercial property loans
- Loans against property
You may avail a home loan or a commercial property loan only to purchase a home or a commercial space, respectively. On the other hand, a loan against property has no end-use restrictions. Use it to fund your child’s overseas education, a wedding, home renovation, medical treatment, or more. You can avail the fastest loan against property from Bajaj Finserv with the money in your account within 3 days* of approval.
*Conditions apply
Mortgage FAQs
Mortgage refers to the act of providing a collateral or security, against which a lender may sanction a loan to you. In the case of a mortgage loan, typically a property asset is pledged as collateral so you can receive the loan you desire as a secured loan. The property stays collateral or guarantee, till the borrower pays back the full loan amount to the lender.
Mortgage means pledging a piece of land, a home, or any other type of property to get a loan. If you fail to repay the loan in the agreed period, the lender has the right to take your property. Loan Against Property is the most common example of a mortgage loan.
Mortgage means pledging an asset to get a loan. If you need a loan to finance your education, medical bills, or a wedding, you can take a loan by mortgaging your home or land. A home loan is a type of mortgage loan is granted to buy a home only.
