In recent years mortgage loans are a primary choice for unsalaried persons. In this article, I am going to show how it is becoming more popular.
these days quite challenging to avail of any kind of loan for an unsalaried person. All the loan required income proof at the time of documentation, The unsalaried person required loan but have no guaranty source of income.
Benefits of mortgage loan
Low-Interest Rate:
This is a secured loan offer by most of the lenders and the interest rate of mortgage loan or loan against property interest rate up to 12%-15% and the personal loan interest rate is 15% - 25%. there is a lot of difference between the mortgage loan interest rate and personal loan interest rate.
Availability:
In case of a mortgage loan, you have to keep your property as a collateral to secure a loan. The mortgage loan is widely available across India very easily.
Repayment Period:
Generally, the repayment period of mortgage loans is longer than other loans. you will get the 15 years to repay a mortgage loan and the tenure depends on the loan amount and EMI also.
Low EMI:
Mortgage loan offers low EMI option, EMI is effected your repayment tenure if you accept high EMI option then your repayment tenure is low and if you adopt low EMI then your tenure is longer.
These are the advantage of availing a mortgage loan or loan against property.
Additional Read: 7 Tips You Should Consider Before Taking Loan Against Property
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