BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A cash credit against inventory
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A term loan against land and building
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A Loan against bank’s own FDR
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A cash credit against inventory and book debts
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Detailed explanation-1: -Is a mortgage secured or unsecured debt? Mortgages are “secured loans” because the house is used as collateral, meaning if you’re unable to repay the loan, the home may go into foreclosure by the lender. In contrast, an unsecured loan isn’t protected by collateral and is therefore higher risk to the lender.
Detailed explanation-2: -There are six different mortgage types in India, such as simple mortgage, usufructuary mortgage, English mortgage, mortgage by conditional sale, mortgage by title deed deposit, and anomalous mortgages, which are further explained below.
Detailed explanation-3: -1. Home loan. Home loans are a secured mode of finance that give you the funds to buy or build the home of your choice.
Detailed explanation-4: -A mortgage loan is one in which you secure funds by pledging your property. The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Usually, the amount of funding you can avail will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 crore.