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A loan that is secured by property or land to the bank is known as a mortgage loan. Mortgage loan in India is a sort of a Secured Loan. People settle on a loan against their private property to fulfill their dreams and invest in their personal dreams or business property.
The borrower needs to repay the loan against private property along with the interest sum. The customer transforms into the owner of the property once the repayment is completely done and the mortgage will be released back to him.
But if in case the borrower defaults on the terms of repayment the bank can file a legal case against the borrower's property. Bank claims it until the point that it is completely paid off by the borrower.
A Mortgage loan can be taken against a private property, business property, or plot. Contact MSF to know more about Mortgage Loans.