Different Types Of Mortgage Loans

by Amit Kumar Finance

Various banks and NBFCs in Mumbai offer different types of mortgage loans. Mortgage loans are secured types of loans. A loan borrower has to keep something as mortgage to the bank or NBFC to get a loan against it. Home loan, gold loan, car loan, loan against property is the types of mortgage loans in Mumbai. Interest rates in mortgage loans are lower compared to other unsecured types of loans. At Ruloans you can apply for different types of mortgage loans by comparing your options online.

In home loan, loan against property and car loan the loan borrower does not need to keep his/her property to the lender until the loan is paid in full. The property’s documents are kept with the lender and are released to the borrower only after the full repayment of the loan. The borrower can utilize the house/car while it’s being kept as mortgage. But in gold loan the gold ornaments are kept with the loan lender until the loan is paid in full. You can get them back once you have paid the loan in full. Also, the tenure for home loan, loan against property and car loan are longer. They range from 5 years to 30 years depending on the type of loan and the borrower’s finance history. But in gold loan the tenure does not exceed from a year in many cases.

Mortgage loans are the most popular types of loans and easier to get in Mumbai.