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Home Loan Starting 6.70%*

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Meaning of a Mortgage Loan

A mortgage loan is a secured loan that you obtain from a financial institution for personal use. To avail of a mortgage loan, your lender requires collateral. You can use a residential or commercial property for that purpose. A mortgage loan lets you access a large sum of money and based on the type of mortgage loan; you can have up to 18 years as a loan tenor. This long tenor makes repayment easy for you. You pay back a mortgage loan in equated monthly instalments (EMIs), which consists of the principal amount and the interest your lender charges. If you miss a series of payments, you may jeopardise the property you have mortgaged.

How Does a Mortgage Loan Work?

Since a mortgage loan is a secured loan, you will be required to provide a property to serve as collateral. Your lender has custody of the property until you repay the loan within the specified tenor. To determine the amount payable on the loan, you can use an online EMI calculator. With it, you can get precise information quickly.

Types of Mortgages

Below are the types of mortgage loans available to borrowers in India:

  • Home loan
  • Loan against commercial property
  • Loan against residential property
  • Land purchase loan
  • Loan to purchase another commercial property
  • Lease rental discounting

Take a Mortgage Loan Today

You can now comfortably apply for a mortgage loan from Bajaj Housing Finance and enjoy unmatched benefits. We have a variety of options for you. For instance, when you apply for a loan against property or a mortgage loan, you get benefit from our low loan against property interest rates and gain more savings.Further, we give you the option of paying off your loan over a tenor of 30 years in the case of home loans and 18 years in the case of loans against property. You can also use our loan against property eligibility criteria to check your eligibility level before applying. Want to take a loan now? Click here to begin.