Mortgage Loan Is The Quickest & Easiest Source Of Funds

Mozam By Mozam, 5th Jan 2018 | Follow this author | RSS Feed | Short URL http://nut.bz/1zeq-0v6/
Posted in Wikinut>Business>Accounting & Finance

Ralph Waldo Emerson said, “A man in debt is so far a slave”. If you look back in the days of schadenfreude lenders then you would understand the truth of the above quotation.

Mortgage Loan

With the evolving world, the loan scenarios are changing, the updated government policies & RBI rules are helping borrowers to get loans easily & repay it without any burden. Earlier ‘mortgage’ term would bring a sense of losing the collateral, because of the short tenures & high interest rates, forcing borrowers to be slaves of their debt.

But now it brings a sense of self-accomplishment with it. There are various occasion in life, when we might need a lump sum amount of money for various purposes and taking financial help from friends or relatives would mean betting on the lifelong relation, right? Mortgage loan is the best option for the purpose.

Rohit was working in a multinational company, after having a set career and handsome salary he decided to start a travel agency firm as a side business. This came into his mind when he was exploring the internet world. While scrolling through some lender’s site to update his loan knowledge, he came to know about mortgage loan.

The loan one gets by submitting his/her existing property which they own as collateral. So it clicked his mind that he had a flat in some other city, which he had rented. That flat can help him to get a loan for establishing his side business, which he was planning for a long time. Setting a new business means lump sum amount investment, which is not an easy thing for a salaried person, with fixed income source.

The next day he visited the office of the lender to understand the nitty-gritties of a loan against property. The home loan advisory in the lender’s office guided him with the whole procedure in detail and provided him a checklist of the required documents. It included proof of identity, address & income, property details documents and an approved plan of the business, which he wanted to set.

Rohit submitted all the self-attested required documents along with the loan application to the lender. His loan was approved within days, after the lender scrutinized all the provided documents and visited the flat which he was mortgaging; they evaluated the present market value of the collateral. Rohit received almost 50-60% of the property value as the loan amount.

The lenders he chose offered reasonable interest rates for tenure of almost 15 years. Lower rates & long tenures helped him with affordable EMIs, which were easily accommodated in his monthly expenditure. This mentioned combination makes mortgage loan one of the most preferable option for immediate funds, compared to any other personal loan.

To sum up, mortgage loans come with a bunch of benefits, like:

• Adequate loan amount.
• Long repayment term.
• Simple documentation & easy processing.
• Usage of funds for multiple purposes like: business extension, education, treatment & various other personal needs.
• It is cheaper than the personal & commercial loans.

If you own a property, then you can make use of its potential value to overcome any financial crisis without a favor from anyone.

Tags

Home Loan, Mortgage, Mortgage Interest Rate, Mortgage Loan, Mortgage Loans, Mortgage Payment, Mortgage Rates

Meet the author

author avatar Mozam
Mozam Khan is a Profession blogger since 2015, He has been written and Publishing blog and article on home loan, home loan interest and finance services.

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