ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Loan Against Property scheme is a secured personal loan which you can avail by pledging your property as a security or a collateral. These personal loan schemes are also known as mortgage loans. Loan Against Property interest rates range between 8.00% p.a. to 25% p.a. You can avail loans of up to Rs.

Detailed explanation-2: -Mortgage loans help individuals to finance the acquisition of real estate property by paying a little chunk from the total value of the property. What Is Mortgage? A mortgage is a loan financing the purchase or maintenance of a property, land, or other types of rental properties.

Detailed explanation-3: -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-4: -Residential mortgage This is a type of loan where your house is used as secured collateral. If you default on the equated monthly installment (EMI) for a particular period, the lender can take legal action to repossess your property.

Detailed explanation-5: -A conventional loan is the most common type of mortgage, and the one that usually comes to mind when you think of a home loan. They’re offered by just about every mortgage lender. Unlike FHA or VA loans, conventional loans are not government-backed.