How to Choose the Best Mortgage Loan According to your Needs?
A
mortgage loan, also known as a loan against property is a type of loan in which
credit can be availed by putting your property as security. Anyone can apply
for these types of loans, a salaried or a self-employed person. One can avail
mortgage loan for a tenure of their choice ranging upto 15 years. Loan against
property interest rates is less as compared to personal loans. One can avail
upto 60% to 75% of their property value depending on their credit score and
policies of the lender.
Loan against Property
If you need funds, then LAP is the best loan you can get. Given
below is some information that can help you to choose the best mortgage loan according to your
needs.
1. Rate of interest: As a loan against property is a type of secured loan due to
which interest rates of these types of loans are less as compared to personal
loans.
2. Extra charges: If you have some savings and you want to pay your loan before
your tenure completes, then additional charges are applied, which is known as
pre-payment charges. One should always compare these before sanctioning the
loan.
3. Monthly EMI’s and period: One can choose their tenure and
EMI’s according to their ease. The period varies inversely with EMI’s, which
means if EMI’s are not affordable one can increase tenure upto 15 years and pay
off EMI’s according to their needs.
Conclusion:
You can choose the best mortgage loan according to your needs by
keeping the above tips in mind. It is advised to compare different lenders
before applying for a loan for better results.
Post a Comment