BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
It is secured against, immovable or fixed property.
|
|
|
It is a long-term loan in nature.
|
|
|
It is repaid in small monthly installments along with interest
|
|
|
All of the Above
|
Detailed explanation-1: -Features of the Mortgage Loan The options include-floating rates, fixed interest rates, interest-only mortgage and Payment option ARMs. A mortgage loan is one of the easiest ways to avail a home loan. You can be the sole owner of the house once the loan is repaid. The LTV ratio for Mortgage Loans is typically 60%-70%.
Detailed explanation-2: -Mortgages are further classified as 1) Conventional mortgages 2) Jumbo mortgages 3) Government-insured mortgages 4) Fixed-rate mortgages 5) Adjustable-rate mortgages. Now, based on these, there are further loan type. Types of Mortgages in our country: Simple Mortgage.
Detailed explanation-3: -A. Security on immovable property for a loan given by a bank. Security on movable property for a loan given by a bank. Security on immovable property for a deposit received by a bank.