Living under one\u2019s own roof is a dream come true for many Indians. For the bulk of Indian home buyers, getting a home loan is the final step towards buying a house.<\/p>\n\n\n\n
If you\u2019re contemplating homeownership and wondering how to get started, you\u2019re in the right place. We\u2019ll help you understand all the mortgage basics \u2013 from what is a mortgage loan to its workings and documentation requirements.<\/p>\n\n\n\n
Before we dive in, let\u2019s get some basic terminologies out of the way. First, what does \u2018mortgage\u2019 mean?<\/p>\n\n\n\n
Simply put, a mortgage is a loan you can use to refinance or purchase a house. It\u2019s also sometimes referred to as \u2018mortgage loan.\u2019 If you don\u2019t have a substantial cash reserve for an upfront payment, a mortgage can help you fund your dream home.<\/p>\n\n\n\n
To understand how a mortgage works, you must know what collateral means. Collateral is any asset that you promise to a lender. Essentially, it offers lenders security in case a borrower defaults on their loan. Under such circumstances, lenders can liquidate the collateral to get their money back.<\/p>\n\n\n\n
With a mortgage, you promise your home as collateral to the lender. The lender will hold your property until full repayment. Loan repayment is made through equated monthly instalments, or EMIs, the size of which depends on the loan amount, interest rate, and tenure. Mortgage tenures can go as high as 30 years.<\/p>\n\n\n\n
Besides, you can repay the loan before the term is up. However, before you do so, check if the lender levies any pre-payment charges.<\/p>\n\n\n\n
Additional Read: <\/strong>Things to Keep in Mind if You Are Buying a Resale\/Old Property<\/a><\/strong><\/p>\n\n\n\n Although the documentation requirements can vary from lender to lender, here\u2019s a list of documents required by Tata Capital:<\/p>\n\n\n\n Additional Read: <\/strong>Check Your Eligibility and Documents Required for Home Loan<\/a><\/p>\n\n\n\n Now that you know how mortgage loan works, you are ready to embark on a home buying quest. Let Tata Capital<\/a> accompany you on this journey with our affordable home loan<\/a>. Enjoy attractive interest rates, extended loan tenures, flexible repayment options, instant approvals, and swift disbursals.<\/strong> <\/p>\n\n\n\n So why wait? Check your home loan eligibility<\/a> by visiting our website today!<\/p>\n\n\n\nDocuments required to avail of mortgage<\/strong><\/h2>\n\n\n\n
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Over to you<\/strong><\/h2>\n\n\n\n