Mortgage Loan Repayment
At Mortgage-loan.in, you can avail loan for maximum tenure of 15 years from some banks. Here you can choose how to pay the EMI installments. Not all of the banks provide such long tenure to repay the loans, but some of the government and public sector banks such as HDFC, SBI funds the same.
Since Mortgage loan is the most secured one after Home loans, it has one of the lowest interest rates available in the market. Mortgage-loan.in provides you special offer on loan that is fixed interest rates for 10 years.
The repayment of Mortgage loan consists of some part of Principal rate amount and interest amount. The Equated Monthly Installment(EMI) can be re-payed in various ways.The repayment of Mortgage Loan can be done as follows :
1. Monthly installments : You can opt for monthly installments for the loan. This would be directly deduced from your account balance after the salary and hence you don’t have to worry about paying it on time.
2. Quarterly Installments : This can be re-payed in every 3 months depending on what EMI is been fixed in the mutual agreement between loan taker and loan provider.
3. Yearly installments : This is rarely used since in this form, you have to pay back a lump sum amount which is generally a very large amount.
There are two ways in which you can Re-pay loan amount :
• SI (Standing Instruction): It includes third party payment every fixed day from the monthly payment, such as funds transfer, transactions etc
• ECS(Electronic Clearance Services): The electronic mode of funds transfer from one bank to another. You can use it to pay bills of phone, electricity, credit cards.