Mortgage Loans
What is a Mortgage Loans?
A mortgage loan, also known as a Loan Against Property (LAP), allows you to borrow funds by pledging your residential or commercial property as security. Mortgage loans offer higher loan amounts, lower interest rates, and longer repayment tenures compared to unsecured loans.
At Novasure, we help you evaluate mortgage loan options that align with your financial goals while keeping repayments manageable.
A mortgage loan is a secured loan where a property is pledged as collateral to obtain funds. The borrower retains ownership and usage rights of the property while repaying the loan over a fixed tenure.
Mortgage loans can be used for both personal and business purposes, depending on lender policies.
Types of Properties Accepted for Mortgage Loans
Residential Property
It offers higher loan amounts and lower interest rates compared to unsecured loans, making it suitable for both personal and business needs.
Commercial Property
These loans are ideal for business expansion, working capital, or large financial requirements.
Rented Property
Lenders may consider rental earnings while assessing loan eligibility, making it suitable for investors and landlords.
FAQs
Why Choose a Mortgage Loan?
Mortgage loans are suitable for large funding needs due to their favorable terms.
Key Benefits of Mortgage Loans
- Lower interest rates than unsecured loans
- Higher loan eligibility
- Longer repayment tenures
- Flexible end-use options
- Lower EMI burden
Common Uses of Mortgage Loans
Mortgage loans can be used for:
- Business expansion or working capital
- Education expenses
- Medical emergencies
- Debt consolidation
- Large personal expenses
Mortgage Loan Eligibility Criteria
Eligibility for a mortgage loan depends on:
- Property ownership and valuation
- Applicant’s income and repayment capacity
- Credit score
- Employment or business stability
Eligibility norms may vary across lenders.
Loan Amount, Interest Rates & Tenure
Mortgage loan features include:
- Loan amount based on property value
- Competitive interest rates
- Tenure ranging from 5 to 20 years
Longer tenure helps reduce monthly EMIs.
Documents Required for Mortgage Loans
Commonly required documents:
- Property ownership documents
- Identity and address proof
- Income proof or business financials
- Bank statements
Documentation requirements vary by lender.
Mortgage Loan vs Other Loan Options
Feature | Mortgage Loan | Personal Loan | Business Loan |
Collateral | Property | Not required | Optional |
Interest Rate | Lower | Higher | Moderate |
Loan Amount | High | Limited | Medium |
Tenure | Long-term | Short-term | Medium |
Mortgage loans are ideal for long-term funding needs.
Risks to Consider Before Taking a Mortgage Loan
Borrowers should evaluate:
- Risk of property seizure in case of default
- Long-term repayment commitment
- Property valuation fluctuations
Responsible repayment planning is essential.
How Novasure Helps with Mortgage Loans
- Comparison of loan options from multiple lenders
- Guidance on eligibility and documentation
- Transparent explanation of interest rates and charges
- Assistance throughout application and disbursal
- Repayment planning support
Borrow Smart Against Your Property with Novasure
Mortgage loans help you unlock property value without selling your asset. Novasure ensures you choose a mortgage loan that supports your financial needs while maintaining long-term stability.