A mortgage is a loan specifically used to purchase real estate, like a house or land. It's secured by the property itself, offering lenders assurance that they can recover their funds if the borrower defaults. Typically, mortgages involve monthly payments comprising principal (loan amount) and interest, spanning many years until fully repaid.
A mortgage is a loan specifically used to purchase real estate, like a house or land. It's secured by the property itself, offering lenders assurance that they can recover their funds if the borrower defaults. Typically, mortgages involve monthly payments comprising principal (loan amount) and interest, spanning many years until fully repaid.
Mortgage Type | Interest Rates | Type of Property | Category |
---|---|---|---|
Simple Mortgage | Starting from 8% | Residential or Commercial Property | Secured Loan |
Mortgage by Conditional Sale | Starting from 8% | Residential or Commercial Property | Secured Loan |
English Mortgage | Starting from 8% | Residential or Commercial Property | Secured Loan |
Fixed-Rate Mortgage | Starting from 9.5% | Residential Property | Home Loan |
Usufructuary Mortgage | Starting from 8% | Residential or Commercial Property | Secured Loan |
Anomalous Mortgage | Starting from 8% | Residential or Commercial Property | Secured Loan |
Reverse Mortgage | Starting from 8% | Residential Property | Loan Against Property |
Equitable Mortgage | Starting from 8% | Residential or Commercial Property | Secured Loan |
Note: Interest rates are subject to change based on market conditions and lender policies.
Before comparing, it’s crucial to understand different mortgage loan types. Start by evaluating your financial goals and preferences. Consider factors such as interest rates, loan terms, repayment options, and eligibility criteria. Extensively research and evaluate various mortgage options based on fixed-rate mortgages, adjustable-rate mortgages, government-backed loans, and more. You can seek professional advice from top NBFCs like Hero FinCorp to gain insights into the best mortgage loan type that suits your specific needs. Following this will help you make a well-informed borrowing decision.
At Hero FinCorp, we have a wide range of mortgage loans. Whether for your dream home, expanding your business, or meeting any other financial requirement, Hero FinCorp offers different loan products. We offer different mortgage types, home loans, loans against property, and loans against commercial property. The loans have flexible repayment options, affordable interest rates, and quick approval processes. Our team of experts are always available to assist you in choosing the right mortgage loan that suits your specific needs. Whether you are planning to purchase a new property or need funds for business expansion, Hero FinCorp's mortgage loans can be the perfect solution for any situation.
Here's how you can easily get funds with Hero FinCorp's mortgage loan:
Understanding different types of mortgage loans is vital when choosing the right option for your financial needs in India. Be it Simple Mortgage, Mortgage by Conditional Sale, English Mortgage, Fixed-Rate Mortgage, Usufructuary Mortgage, Anomalous Mortgage, Reverse Mortgage or Equitable Mortgage, each one has their pros and cons. At Hero Fincorp, we guide you through the mortgage loan process, ensuring you find the perfect fit for your funding needs. Time to a make well-informed decision today!
1. What is the duration of a mortgage loan?
The duration of a mortgage loan typically varies based on the loan agreement terms between the borrower and the lender. The loan term can range from a few years to several years, depending on the type of mortgage loan and the borrower's financial situation. Generally, a longer loan term means lower monthly payments. It also means paying more interest during the tenure of the loan. You can use a mortgage calculator to compute the possible repayment amount.
2. Is a mortgage a bond?
No, a mortgage is not a bond. A mortgage is a loan secured by real estate property. A bond is a type of investment that represents a debt obligation. Although both mortgage loans and bonds involve borrowing and lending money, they are fundamentally different financial instruments.
3. What is the largest category of mortgages?
The largest category of mortgages is typically the residential mortgage market. This category offers loans to purchase or refinance single-family homes, condominiums, and other residential properties. This category of mortgages accounts for a significant portion of the overall mortgage market and is a key driver of the housing industry and the broader economy. Other categories of mortgages include commercial mortgages, construction loans, and government-backed mortgages such as FHA and VA loans.
4. What are the key difference between equitable mortgage and registered mortgage?
The key difference between equitable mortgage and registered mortgage lies in their legal standing: equitable mortgage involves depositing title deeds with the lender, while a registered mortgage requires registration with the appropriate authority for legal validity.
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.