So, what does mortgage mean? What are the features of a mortgage loan? Do these loans come with any tax benefit? Here are 5 things every borrower should know about mortgage loans-
- What is a Mortgage Loan? A mortgage loan can be defined as a type of secured loan. Loans are of two types- secured and unsecured.
- What are the Features of a Mortgage Loan? Some of the top features of a mortgage loan are as follows-
For taking a secured loan like a mortgage loan, a borrower is required to pledge collateral against the loan amount to the lender. These loans are generally sanctioned against immovable assets such as commercial property or home. The lender will hold the collateral or security until the borrower repays the loan in full.
An unsecured loan, like a personal loan, does not require any collateral. Instead, these loans are sanctioned based purely on the repayment capability of the borrower.
- High-Value Loans with Longer Repayment Tenure As these loans are offered against collateral, borrowers can apply for a significantly higher loan amount than unsecured loans. The collateral works as a security for the lender and minimizes the default risk. Moreover, the repayment tenure of these loans is also longer than unsecured loans.
- Lower Interest Rates Lenders make up for the higher level of risk involved in offering unsecured loans by charging a higher interest rate. In comparison, mortgage loans are cheaper. You can compare the interest rate of a mortgage loan and an unsecured loan like a personal loan to understand the difference better.
- More Lenient Eligibility Requirements As borrowers are required to pledge their assets against the loan amount, lenders are more lenient with the eligibility requirements of these loans. However, the eligibility requirements are stringent in the case of unsecured loans, as loans are sanctioned as per the borrower's repayment capability. Stricter eligibility requirements help borrowers minimize default risks.
- Minimal Documentation Just like the eligibility requirements, the documentation process of a mortgage loan is minimal. It is based on the documents that lenders try to ascertain the repayment capability of a borrower. As this is not the most important factor based on which lenders sanction mortgage loans, the documentation process is generally very quick and convenient.
While the cost of the property is the most important factor, the borrower's repayment capability and credit score are also taken into consideration for calculating the maximum loan amount. It is not compulsory for a borrower to take the maximum loan amount that he/she is eligible for. The lower the loan amount, the easier it will be for the borrower to get approved for the loan.
- Home Loans A home loan is the most popular type of mortgage loan in India. When a borrower takes a home loan, the property that is purchased with the loan amount is kept as collateral with the lender. The property documents are given to the borrower once the loan is fully repaid.
- Commercial Property Loans Just like home loans, a commercial property loan requires the borrower to pledge the commercial property purchased with the loan amount. After repaying the loan, the lender returns the property papers to the borrower.
- Loan Against Property (LAP) A LAP or Loan Against Property is also a type of mortgage loan wherein the borrowers pledge their property against the loan amount. However, LAPs are more flexible in terms of how the loan money can be used.
With a home loan or commercial property loan, the loan can only be used for purchasing a home or commercial property. But LAPs do not have any end-user restrictions. It can be taken for funding overseas education, home renovation, wedding, etc.
In case if you are taking a LAP, the end-use of the loan will decide the tax benefit. For instance, if the loan money is used for purchase, reconstruction, repair, or renovation of residential or commercial property, a deduction can be claimed under Section 24(b). But no tax exemptions are allowed if the LAP is used for funding education, wedding, or travel.
Fulfilling Life Goals with a Mortgage Loan- ConclusionA mortgage loan can be taken for fulfilling a host of life objectives, such as purchasing a home, starting a business, or taking your family for an international vacation. As the eligibility requirements and documentation process are not as stringent as secured loans, a mortgage loan is a convenient and quick way to fund various big-ticket expenses.
Look for a reputed lender to know more about mortgage loans and initiate the application process. Compare the interest rates, LTV, and other features and benefits of at least a few top lenders before choosing one.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
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These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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