Frequently Asked Questions About Loans and Loan Assistance

A secured loan for which you mortgage a residential or commercial property you own. The amount depends on both your repayment capacity and the property’s value. Because it is secured, the rate is usually lower and the tenure longer than for an unsecured loan.

Yes, in most cases you can keep living in it, run your business from it or rent it out. The lender holds a charge on the property until the loan is repaid, and your loan agreement sets out any limits, such as on selling it.

The lender sends an approved valuer to check the location, construction, condition, approvals, use and how easily the property could be sold. The lender then funds only a part of that value, depending on the property type and your profile.

Yes, if all the owners agree. Lenders usually require every co-owner to join the loan as a co-applicant and sign the mortgage documents.

Missed EMIs bring penalty charges and hurt your credit score. If the default continues, the lender can take legal steps to recover its dues, including selling the mortgaged property. If you expect trouble paying, speak to your lender early about the options.