ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Loans
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Debt
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Contract
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Mortgage
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Detailed explanation-1: -It aids borrowers to fund the purchase of new house until a buyer is identified for the existing property. This type of loan usually requires the mortgage of new house with the bank and is extended for less than two years. Several banks like Vijaya bank and HDFC Bank offer bridged loans.
Detailed explanation-2: -A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. Home loans offer high-value funding at economical interest rates and for long tenors. They are repaid through EMIs.
Detailed explanation-3: -A mortgage loan can refer to a home loan or commonly, it can refer to a loan obtained for any purpose by offering property (residential or commercial) as collateral.
Detailed explanation-4: -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-5: -Home loan. Loan against property (LAP) Loans against insurance policies. Gold loans.