Here's How to Choose the Best Mortgage rate in 2020

A mortgage loan is secured by an immovable asset such as a house or a piece of land to raise funds for any purpose. The borrower pledges their property as security against the loan amount. If the borrower falls short to repay the loan within the tenure, the property can be sold or auctioned by the lender to recover the loan amount sanctioned to the borrower. 

There is no constraint on how the loan amount is used, and it can be used to sustain both personal and business requirements. You can now finance your wedding, expand your business, pay for medical bills and any other emergencies or plans you may have.

RATE OF INTEREST

People often use the terms mortgage and home loans interchangeably. Mortgage loan interest rates are generally 1 to 3 percentage points higher than home loan interest rates – ranging between 9% - 24% satisfying the needs of all customer types namely, salaried and self-employed individuals and SMEs. 

The rate of interest is determined by several factors comprising of net income, your credit history, your nature of work or business stability, existing monthly obligations, the current market value of the property, type of loan against property product, etc. Fullerton India tailors their offers depending on your eligibility to make sure that you receive the best possible solution.  

Fullerton India’s digital processing provides a hassle-free experience with minimal documentation. They also offer flexible repayment tenures so you can repay the loan at your convenience. Apply for a mortgage loan here.

Must Read: Everything you need To Know about Loan against Property in India