Article

Mortgage Loan
November 09 , 2012

Mortgage loan generally refers to a loan to finance purchase of property. The lender gets legal claim over property financed by the loan to secure repayment of loan. 

This right of the lender on the property is called as lien. When the borrower fulfills her obligation in the loan contract, ie when the loan is fully repaid, the lien expires. The lender can take possession of the mortgaged property and sell it to recover his dues in case the borrower defaults on payments.

Mortgaged property cannot be sold and at times they may prevent borrower from changing title until the lien is cleared by full repayment of outstanding loan. 

The term mortgage loan is also being used to refer to loan against property. A property that is free of encumbrances can be pledged as collateral against your borrowing. Such secured loans can be availed at lower interest rate than unsecured loans.

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