Mortgage refers to the process of offering something as a guarantee or collateral against a loan. One may come across the term when looking for secured loans.

Generally, home loans of all types are secured loans. The borrower must offer their property as a security to the lender. The property mortgaged acts as collateral until the borrower has repaid the loan in full. Mortgage loans are also commonly known as loans against property.

A mortgage loan can be used to either buy or build a house or refinance a property. Refinancing refers to getting a new loan for a property while the original loan is still being repaid. It is usually done to get a loan with better terms.

Eligibility

Do you want to Calculate your EMI, then click me