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Mortgage | deals of loan

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The loan which is secured by any type of collateral property is known as mortgage. Basically it is kind of an legally drafted loan agreement between two parties, lender and borrower. Lender has all the rights of the property. In this product, There is exchange for funds by the house purchaser to purchase property or a house. It has the commitment from that buyer to pay back the whole amounts within a limited time frame with a fix or decided cost. It is totally secured. It is legally binding and safeguard with the demand promissory note in giving the banker’s the right to have 100% creation of legal charge of the against the borrower’s residential or commercial property, if the borrower not able to repay his/her loan or he made defaults on the terms of the borrower agreements. Normally, the borrower physically hold the property, but in reality the bankers of the loan providers is the one who has the actual owner of the same property till the loan is completely paid off.

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