If you wish to avail some finance for immediate or long-term needs, then a mortgage loan is one of the best solutions. It is because it is a secured loan, and as a result, the mortgage loan interest rate is affordable.
But other than the lower mortgage loan interest rate and a large loan amount, what makes the mortgage loan the best option?
Let’s explore the reasons why availing of the mortgage loan is the best option in this post!
The availability of the huge amount
You may have an upcoming marriage in your family, debts to consolidate, businesses that you may want to expand, and much more. For all, you may need a large amount without paying higher loan interest rates. It is where the mortgage loan comes into the picture. Based on the Loan to Value ratio of the property to be mortgaged and other eligibility factors, you can access a large loan amount. You have the freedom to use the loan amount as per your wish and without restrictions. Salaried professionals are allowed to avail a bigger amount by leading lenders. On the other hand, self-employed individuals are allowed to avail more by renowned creditors in India. The final loan amount depends on the LTV of the mortgaged property and other eligibility terms.
Affordable rate of interest
The mortgage loan interest rate is affordable because of the secured nature of the loan. Yes, when you mortgage your property, then lenders offer you a lower rate of interest. If you have a robust civil score, repayment, and job profile, then you can negotiate even for a lower rate. It means saving on repayments and managing other outlays better.
Repayment of the loan over a long tenor is possible
Taking a mortgage loan to start or expand a business and other investments needing a large capital is one of the best solutions. It is because you can repay the loan over a longer tenor. The tenor for the mortgage loan may be up to 20 years from known lenders. This way, you can stretch the loan amount over a longer tenor and pay smaller EMIs.
It comes with a ‘simple to meet’ eligibility criterion
The mortgage loan eligibility norms are easier to meet, and it is not entirely dependent on your monthly income. The key thing is the property that you are pledging. If it is located in a prime area with growing infrastructure, then a lender may sanction your application. The only thing that you need to do is ensure that the about to be mortgaged property is free from litigation.
With so much going in favor of the mortgage loan, it is one of the best solutions to cater to numerous needs. If you are ready to do that, you can compare all available mortgage loan offers on a third-party website. Based on your needs and repayment capacity, you can then choose the best loan offer.
How to apply for a mortgage loan in India?
Applying for a mortgage loan online in India is now less cumbersome. You can follow the below steps to apply for a mortgage loan online. Take a look:
Step 1. Land on the website of the lender and fill the online mortgage loan application form.
Step 2. The representative of the lender will contact you within 24 hours.
Step 3. You will get the loan approval within 48 hours.
Step 4. You will need to submit the loan documents to the representative of the lender.
Once your loan application is approved, then the disbursed loan amount is credited into your bank account within 4 days.
You are now aware of so many reasons why a mortgage loan is one of the best available finance options in India.