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Old 12-25-2017, 02:42 AM
capitaworld capitaworld is offline
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Join Date: Jul 2017
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Default What is mortgage loan?

Mortgages Loan

It is a collateral based loan where you mortgage your commercial or residential property and borrow funds against it. You donít have to sell the property to get the funds as bankís right on the property goes away after you repay the loan.

Advantages

1. A mortgage loan definitely helps increase the buying capacity of people

2. Its a secured loan, so the interest rate on mortgage loans is lower.

3. When you take a loan, you do not have to repay the amount in one go. It can be paid in monthly installments.

4. A good credit score is guaranteed when you paying the money regularly.

5.Availing mortgage loans qualify a person for income tax benefits.

Disadvantages

1. You will pay a lot of money as interest.

2. These charges like legal fees, insurance fees etc will come upon you as the extra burden when you actually start repaying.

3. Higher interest for variable rate mortgage

4. Affected by loss of property value

If you have any query, you can get free advice for car loans from us.

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