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Mortgage loan

What is Mortgage Loan?

A mortgage loan, or just mortgage, is used either by purchasers of real property to raise funds to purchase real estate; or preferably by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is “secured” on the borrower’s property via a process known as mortgage origination. This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property.

Merits/Pros

Improves Credit Rating

Achieves Home Ownership

Access to Cash Flow

Building Equity

Sign of Stability

Documents Required

2 Passport Size Photographs

1 Cancelled Cheque

Aadhar card

PAN Card

1 Year Banking Statement (Saving or Current)

Last 3 Year IT Return

Sale deed