In mortgage loan you get immediate access to money by using either your home or any other property as security.
Both Salaried as well as Self-Employed people can avail Mortgage Loan.
You can get a LAP up to 80% of the registered value of your property depending on the company policy and the property type and valuation.
The value of the property would be determined through a valuation conducted by the Loan Provider.
Home Loan is taken only for the purpose of buying a residential property whereas a Loan against Property can be taken for any purpose.
Yes the property has to be insured against fire, flood, earthquakes and other appropriate hazards during the tenor of the loan.
The repayment of loan is done through Equated Monthly Installments. It can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS).