Mortgage Loan: Know Important Things About Loan Against Property
Posted by Shubham Housing Development Finance Company Ltd. on February 19th, 2022
Loan Against Property : If needed, you can take a loan by mortgaging your house with the bank. It is called Mortgage Loan or Loan Against Property.
Many times, we think of taking a loan when there is a sudden need for money. There are many types of loans available in the market, such as personal loans, gold loans, wedding loans, etc. If you live in your house and you need money for some work, then you can take a loan by mortgaging that house with the bank. It is called a loan against property.
What happens if the loan is not repaid?
A loan Against Property is generally provided by banks or financial institutions. These are given to you instead of residential, commercial property, or land. It is also called a secured loan. Because banks secure your property as a guarantee. That is, if you are unable to repay the loan, then the bank gives you 3 months to pay the EMI, and even in these 3 months you do not pay the pending EMI, then the bank can take over your property.
By selling it one can recover his loan deuce. Note here that the ownership of the property remains with you. That is, if you cannot repay the loan, then you should sell the property instead of the bank and repay the loan of the bank.
Features of Mortgage Loan
Home loan eligibility
Benefits of taking a loan against property
Like it? Share it!
About the AuthorShubham Housing Development Finance Company Ltd.
Joined: August 25th, 2020
Articles Posted: 52
More by this author