Mortgage is a kind of loan that one attains by keeping his property, land or house as the security against his loan for a specific time period. The person thus is obligatory to pay back the same amount with the quoted interest within the decided time duration and get back his house on his name or else if it's not done then the loan providing company takes away the house and puts it on sale to get back the money. This has been a very age old loan acquiring practice in the human society, earlier it was done by the merchants, vendors and the land lords but today you could avail this facility through any nationalized bank as well.
Yes mostly all the banks offer such loans to the willing people. There are varieties of such loans available against one's property in every other bank. The benefit of such a loan against property is that you get easy and affordable installment rates and this also offers you lower interest rates. This factor depends equally on the lender or the bank opted for. Well this kind of a loan is as beneficial as much as it's risky because in case you are unable to pay the price with the interest then your hose is gone into the hands of the lender. However a mortgage loan can be opted for a number of purposes like say for money for daughter's wedding, buying a new property, for higher education purposes.
Such loans involve an Additional Security Fee that ensures that the lender does not suffer any losses in any case. You need to pay this premium, Additional Security Fee and loan against property advance to the lender while initiating your loan. However the paper work involved in the entire process also involves some considerable amount of monetary transactions. Moreover if a person is directly related to agriculture in any way then he or she is not entitled to apply for such a loan against property. In order to find out who is the lender who's offering you the best deal on your loan against property you should compare the annual percentage interest rate of the various lenders and pick on the one who offers you the lowest annual percentage interest rate.
Then an ASU is also prepared for your mortgage in case of Sickness, Accident or an involuntary unemployment of the loan acquirer.