Mortgage Loan

A Mortgage Loan is a long-term financial product that helps individuals or businesses buy, build, or refinance real estate by borrowing funds from a bank or financial institution. The loan is secured against the property, which means the lender holds a legal claim on it until the borrower repays the full amount, including interest.

Mortgage loans typically feature fixed or floating interest rates, and repayment is made through EMIs (Equated Monthly Instalments) over a period ranging from 5 to 30 years. Borrowers can also use a mortgage loan to raise funds against existing property for personal or business needs.

Key benefits include lower interest rates, tax benefits under income tax laws, and flexible repayment terms. However, defaulting on payments can lead to the lender seizing the property.