The mortgage loan is a debt instrument and a secured loan, which can be used to purchase property such as home and land amongst many others. This loan is the ideal tool that will help you raise the required funds, in order to aid any financial shortage you may have or any purchase you will want to make.
Mortgage loans, like other loans, comprised of the same components namely, principal, interest, fixed tenure, taxation. Selected lenders also offer insurance on the loan to provide protection against injuries that can affect your property. However, while this loan will provide you with the relevant financial assistance, the end use of the funds will be determined by the type of mortgage loan you have opted for.
This is where the types of mortgage loans will assist you. Given below are the different types of mortgage loans and how they can be the right choice to satisfy your requirement.
Loan Against Property: The loan against property is one of the most popular choices of mortgage loans, as any individual who owns a property can utilise it. In fact, if you have more than one property, either residential or commercial, that you have not utilised, you can let mortgage this property for financial assistance. Depending on the value of your property, you will get anywhere between Rs. 15 Lakhs to Rs. 10 Crores. The funds from this account can be used for acquiring assets, satisfying educational needs, marriage requirements and personal travel amongst many others. The tenure of the loan is at a maximum of fifteen years, providing you with the relevant flexibility to repay back the funds.
Loan for Purchase pf Commercial Property: Purchasing a property for your commercial use is often marked by various challenges, with the financial assistance being the most prominent. With this loan, you can mortgage your property to purchase any ready or under construction commercial property. You will get anywhere between Rs. 15 Lakhs to Rs. 10 Crores depending on the value of the property. With a tenure of fifteen years, you can easily repay the borrowed amount as per your requirement.
Loan through Lease Rental Discounting: Lease Rental Discounting is a term loan that is offered against rental receipts. These rental receipts are derived from lease contract with corporate tenants. This loan is provided to the leaser, based on the discounted value of the rentals, in addition to the underlying property value. Through this, you can encash your current rental cash flows to avail long term loan facilities. The funds from this loan can be used for business expansion, business capital requirements, or consolidating obligations. Through this loan, you can get an amount of Rs. 15 Lakhs to Rs. 10 Crores. However, the tenure of the loan will depend on existing lease agreement terms.