In a Mortgage Loan, you will receive a certain amount as a loan from a bank or a financial institution. As collateral, you would need to put up some property. If you default on your Mortgage Loan, at first, it will just impact your credit score, but it will impact any loans you take in the future. However, if you keep defaulting on your Mortgage Loan, the lender will be forced to foreclose on your property. Banks and financial institutions would prefer not having to foreclose on your property since, unlike mortgage repayment, it creates an asset that is difficult to convert to cash.

In a Mortgage Loan, you will receive a certain amount as a loan from a bank or a financial institution. As collateral, you would need to put up some property. If you default on your Mortgage Loan, at first, it will just impact your credit score, but it will impact any loans you take in the future. However, if you keep defaulting on your Mortgage Loan, the lender will be forced to foreclose on your property. Banks and financial institutions would prefer not having to foreclose on your property since, unlike mortgage repayment, it creates an asset that is difficult to convert to cash.

To apply for a Mortgage Loan, you need to have the following documents: Identity proof: Documents like your passport, voter's ID, driver's license, job card issued by NREGA, Aadhar Card, registration certificate or PAN card. Proof of income: Latest three months' salary slip showing all deductions and Form 16 for salaried individuals, IT returns or financial documents for the last two years, and computation of income certified by a CA for the last two years for self-employed people. Bank statement: Latest six months. Proof of other income: Rental receipts or other such documents showing receipt of income. Property documents: Copy of title documents and approved sanction plan.

Mortgage Loans help you get funds by putting up immovable assets, including commercial and residential properties, as collateral. Since Mortgage Loans provide collateral to lenders, they usually have lower interest rates compared to many other financing solutions.

Then, find the link to apply for a loan against property. Then, you enter the loan amount, tenure, and interest rate, and then click on the apply button. You can choose to first calculate your eligibility based on your income, tenure, occupation type, salary, and various other factors.

At Aditya Birla Capital, the interest rates on Mortgage Loans range from 7% to 11%. Compared to Personal Loans with interest rates as high as 20.25%, Mortgage Loans are the cheaper option. Since there is a valuable collateral asset, the risk is low; hence, interest rates on Mortgage Loans are low in comparison to unsecured loans.