Expert Mortgage Loan Agents in Vadodara
Mortgage Loans are sometimes also called as Loan Against Property.
To avail a Mortgage Loan call us at 9900325870 or use the online booking form to reach out to us.
Experienced Mortgage Loan Agents in Vadodara
What are Mortgage Loans?
A mortgage loan is a type of loan where you use your property (such as a house or land) as collateral. When you take out a mortgage loan, you secure funds by pledging your property.
Securing Funds:
You borrow money by using your property as security. If you fail to repay the loan, the lender can take possession of your property.
Interest Rates:
Mortgage loan interest rates in India typically range from 8.15% to 11.80% per annum. These rates can vary based on the lender and other factors.
Loan Amount:
You can avail funding of up to 60% of the registered value of the property. Some banks even offer mortgage loans up to Rs.10 crore.
Repayment Tenure:
The repayment tenure for mortgage loans can be up to 15 years.
Types of Mortgage Loans in Vadodara:
Below are the types of Mortgage Loans that Banks normally offer in Vadodara. The concept remains the same, however the terms of contract differ.
Loan Against Property (LAP)
– LAP is a mortgage loan where borrowers pledge their property (residential or commercial) to secure funds.
– The lender retains property documents until the loan is fully repaid.
Commercial Purchase Loan
– Business owners and entrepreneurs use commercial purchase loans to acquire properties such as shops, office spaces, and commercial complexes.
– These loans are specifically designed for property acquisition.
Second Mortgage Loan
– Borrowers take additional loans against an existing property that already has a primary mortgage.
– It provides extra liquidity by leveraging the property’s value.
There are additional types of mortgages, including simple mortgage, Lease Rental Discounting (LRD), English mortgage, usufructuary mortgage, mortgage by conditional sale, and anomalous mortgage. These have specific legal implications.