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A Guide for Homebuyers’ Different Types of Mortgage in India
India’s credit industry has witnessed a notable transformation in the last decade, and the secured loan segment has been a top contributor to it. Owing to its customer-friendly benefits, this loan type further helps individuals meet an array of requirements and repay it without much hassle.
Mortgage loans are a prominent example of secured loans. However, before going ahead with the application, one must know the definition and types of mortgage loans to find a product that suits their need.
What is a mortgage loan?
A mortgage loan is a type of secured loan where individuals avail funds by collateralising an immovable property. It is popular among borrowers, allowing them to avail a substantial amount for a longer repayment tenor.
This loan type is usually sanctioned against immovable assets like a house or a commercial property. Furthermore, the lender will keep hold of this property until borrowers clear their dues.
There are various types of mortgage, and all of them offer a set of different features that meet different purposes of mortgagors.
Categories of mortgage
- Simple mortgage
When an individual mortgages his/her property to source necessary funds, and lenders reserve the right to sell it in case of a default, it is known as a simple mortgage. It is one of the popular and convenient mortgage loan options. Loan against property is one of the prominent examples of this sub-type.
- English mortgage
In this sub-type, the borrower establishes personal liability, where he/she assures the financial institution to repay the loan amount. After that, the lender will transfer the ownership of the property.
- Usufructuary mortgage
This is a unique type of mortgage loan where the borrower offers the possession and right of earning profits to the lender till the loan is completely repaid. In the meantime, the financial institution reserves the right to generate earnings from that property by different means.
- Mortgage via submission of title deed
Also known as an equitable mortgage, the debtors submit the title deed of their property to avail necessary funds. A vital point to note here is that the property’s possession is not transferred, and borrowers can earn rent or profits from it.
- Mortgage with conditional sale
Under this mortgage, an agreement is put in place between the lender and the borrower, which states that a property will be sold in case of a default.
- Anomalous mortgage
As its name suggests, this mortgage loan type does not fall under any of the above mentioned categories.
Among these subtypes of mortgages, one particular financial product that has gathered popularity is a loan against property.
Features of loan against property
Here are some notable features of LAP loan that one should keep in mind before applying –
- Low-interest rate
The mortgage loan interest rates are considerably low compared to other forms of credit, especially unsecured ones that offer no end-use restrictions. Therefore, loan repayments become more convenient for debtors.
However, they must also be aware of the factors that affect the interest rate for LAP.
- High loan quantum
Moreover, the loan amount on offer is substantial. Lenders evaluate the market value of the concerned property and use the LTV ratio to decide the final loan amount. Borrowers can also use a loan against property calculator available online to find the loan amount in advance.
- Simple eligibility criteria
Usually, the eligibility criteria for LAP are lenient, and one can easily qualify for a loan against property by meeting them. Since these parameters differ from one lender to another, borrowers need to check specific requirements beforehand. However, meeting or surpassing them can help borrowers take advantage of favourable property loan interest rates.
Another point that borrowers can check here is the availability of pre-approved offers. It streamlines the application process, and it is applicable to financial products like home loans, loan against property, etc. Individuals can check their pre-approved offers by submitting their essential contact details.
Secured loans like these mortgage credits present a more accessible opportunity to borrow required funds against lenient loan terms. Hence, being aware of the types of mortgage and their benefits will allow borrowers to make an informed decision.
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Health is a multifaceted concept that encompasses physical, mental, and social well-being. In my opinion, health is not just the absence of disease but a state of complete physical, mental, and social well-being.
Physical health refers to the condition of the body and its ability to function optimally. It includes factors such as fitness, nutrition, sleep, and disease prevention. Physical health is vital to our overall well-being, and maintaining it requires a balanced and healthy lifestyle. This includes regular exercise, eating a balanced and nutritious diet, getting enough sleep, and avoiding harmful substances such as tobacco and excessive alcohol consumption.
Mental health, on the other hand, is a state of well-being that allows us to realize our potential, cope with the normal stresses of life, work productively, and contribute to our communities. It encompasses our emotional, psychological, and social well-being. Mental health is an integral part of our overall health and well-being, and it is essential to maintain good mental health by practicing self-care, seeking support when needed, and engaging in activities that promote emotional well-being.
Social health refers to the quality of our relationships and the sense of community that we have with others. It includes factors such as communication skills, social support, and the ability to maintain healthy relationships. Social health is essential because it contributes to our overall well-being and helps us to cope with stress and other challenges in life.
In my opinion, health is not just about the absence of disease but the presence of a balance between physical, mental, and social well-being. Achieving and maintaining good health requires a holistic approach that encompasses all aspects of our lives. This includes adopting healthy behaviors and habits, practicing self-care, seeking support when needed, and engaging in activities that promote our overall well-being.
In conclusion, health is a complex and multifaceted concept that encompasses physical, mental, and social well-being. It is essential to maintain a balance between these three aspects of health to achieve overall well-being. Good health is not just about the absence of disease but about the presence of a state of complete physical, mental, and social well-being. To achieve and maintain good health, we must adopt healthy behaviors and habits, practice self-care, seek support when needed, and engage in activities that promote our overall well-being. By taking a holistic approach to health, we can lead happier, healthier, and more fulfilling lives.
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Cardboard boxes are a staple in the world of packaging, and for good reason. They are sturdy, versatile, and cost-effective, making them an excellent choice for a wide range of products. As a cardboard packaging content writer, I want to share some insights on cardboard boxes and why they are a great choice for your packaging needs.
- Strength and Durability
One of the most significant advantages of cardboard boxes is their strength and durability. They are designed to withstand the rigors of shipping and handling, providing reliable protection for your products. Whether you’re shipping delicate electronics or heavy machinery, cardboard boxes offer an excellent level of protection against damage.
- Customizable
Another advantage of cardboard boxes is their customizable nature. They can be manufactured in a wide range of sizes, shapes, and designs, making them ideal for a variety of products. Whether you need a small box for a single item or a large box for multiple products, cardboard boxes can be tailored to meet your specific requirements.
- Cost-effective
Cardboard boxes are also incredibly cost-effective. They are relatively inexpensive to manufacture, which makes them an affordable choice for businesses of all sizes. Additionally, they are lightweight, which helps to reduce shipping costs, making them a cost-effective solution for businesses that need to ship their products regularly.
- Eco-friendly
Cardboard boxes are also eco-friendly, as they are made from recyclable materials. They can be easily recycled and repurposed, reducing waste and minimizing environmental impact. This is a significant advantage for businesses that are looking to reduce their carbon footprint and operate in a sustainable manner.
- Branding Opportunities
Finally, cardboard boxes offer excellent branding opportunities. They can be customized with your company’s logo, colors, and messaging, helping to create a memorable and recognizable brand image. This is particularly important for e-commerce businesses, where packaging is often the first physical interaction that customers have with a brand.
Here are some common types of cardboard that are widely used in the packaging industry:
- Corrugated Cardboard: Corrugated cardboard is one of the most common types of cardboard used for packaging. It consists of a fluted layer sandwiched between two flat liner boards, providing excellent cushioning and protection for fragile items.
- Folding Cartons: Folding cartons are typically used for retail packaging and are made from a single layer of cardboard. They are lightweight and can be easily printed on, making them an ideal option for branding and product information.
- Rigid Boxes: Rigid boxes are made from a thicker and more rigid cardboard material, offering superior protection for high-value items. They are often used for luxury product packaging, such as jewelry or high-end electronics.
- Paperboard: Paperboard is a thinner and more lightweight type of cardboard that is often used for cereal boxes, cosmetic packaging, and other retail products. It can be easily printed on and is available in a range of thicknesses.
- Chipboard: Chipboard is a low-cost, lightweight cardboard material that is often used for packaging applications where durability is not a primary concern. It is commonly used for backing boards, display packaging, and book covers.
- Honeycomb Cardboard: Honeycomb cardboard is a type of corrugated cardboard that has a unique hexagonal structure. It offers excellent cushioning and is commonly used for heavy-duty packagings, such as industrial equipment or automotive parts.
In conclusion, cardboard boxes offer a range of benefits and advantages for businesses and individuals alike. They are easy to handle and transport, resistant to moisture and humidity, customizable, versatile, reusable, cost-effective, and safe. As a packaging material, cardboard is a versatile and sustainable option that provides reliable protection for a wide range of products.
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