A type of secured loan, a Mortgage loan helps individuals get fund by using their property as collateral. You can use an immovable asset like a house or a commercial property as security, which the lender keeps until the borrower repays the total loan amount.
Can self-employed individuals take mortgage loan?
- Mortgage loan in
India is
available for both self-employed as well as salaried individuals, who
fulfil the eligibility criteria. The eligibility criteria are:
- The age of the applicant
must not be more than 60 years, for salaried individuals.
- The age of the applicant
must not be more than 65 years, for self-employed individuals.
- The applicant must have a
good credit score.
- The applicant must have a commercial or residential property to be used as collateral.
Why take a mortgage loan?
- The mortgage loan interest
rate in India is lower than that of other loans.
- Quick approval and fast
disbursal of loan.
- Loan amount enhancement
facility available.
- Flexible repayment options
are available.
Conclusion
With so many benefits, if you want to apply for a mortgage loan in India, then visit the mortgage loan page on the lender’s website and click on the ‘Apply Now’ option. Fill in your details, upload some documents and if your loan is approved, you will get a confirmation call from the customer care executive.
Also Read:
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