Do you know mortgage loan ?
Hello friends, today we are going to tell you the brief information about mortgage loan, in which money is borrowed from the bank or any private place by mortgaging a property, the other name of mortgage loan is loan against property, so now by name It is known that in which loan money is received, in which your property is mortgaged as recovery.
All your property comes under property like your land, house, car, shop, or gold. Whatever valuable thing you have, you can get a loan by mortgaging it in the bank or the bank gives you money in return for them and then you can spend that money in any way.
The process of taking a mortgage loan is similar to a complete home loan, but the money is received quickly because the bank has got your property and it is not found in the home loan, just you have to go to the bank with the legal documents, then the bank will see your document and property. After doing tax and verification, the loan is approved.
Mortgage loan types
1.Gold Mortgage Loan- This is a very easy process, in this you have to go to the bank with your gold and also take the receipt, then the bank gives you a loan against the gold, remember the bank does not give you 100% money in lieu of gold. Gives 40 or 60 percent of her money which is available instantly.
2.Property Mortgage Loan- This loan is also very easy to take but it takes time to get a new one and get the approval because the bank sees your complete document then comes to see your property which takes some time then up to 60 percent of your property The loan money is given to you.
Disadvantages of taking mortgage loan
- First of all, we should never take a loan because we have to repay the amount in lieu of the loan.
- In this type of loan, you have to pay a huge interest.
- A separate penalty has to be paid for not paying its interest in the stipulated period, sometimes compound interest has to be paid, in which there is a lot of loss.
- In this, the entire loan amount has to be paid in the amount of time given in this, if the bank does not pay in time, the bank gives you some time and then gives notice, after this notice your property is deposited by the bank. Is.
- If the mortgage loan is not paid, the bank seizes your property and sells it and recovers it.