What is mortgage loan? Or What is loan against property?
A mortgage loan is a loan in which property is used as security by lender. The borrower enters into an agreement with the lender (Bank Or NBFC) wherein the borrower receives money then makes pay his EMI (Equated Monthly Installment- a fixed amount of money per month) until he pays back the lender in full.
Some important terms:
Emi -Equated monthly installment
Tenor -Total number of emi against the loan repayment.
PF: Processing fees.
ROI: Rate of interest.
LTV: Loan to Vallue.
FOIR: Fixed Obligation Income Ratio.
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