A mortgage loan is a type of secured loan where you can leverage the funds by providing your asset as collateral to the lender. This is a popular form of financing as it helps the borrower get a high loan amount and a long repayment term.
A mortgage, on the other hand, is a loan sanctioned against real property such as a home or commercial property. Here, the figure of the lender remains active as guarantor until the borrower repays the full amount of the loan.
Types of mortgage loans
These are of 3 types:
life loans
commercial property
mutual liquidity
The housing mortgage loan can be considered very similar to the traditional mortgage loan, constituting the first example of this type of financing for the purchase of the property with compulsory mortgage subscription. The bank in fact grants the disbursement of the loan to the beneficiary subject to the fixing of the mortgage on the loaned property, which is usually twice the value of the house.
It is a solution that allows you to obtain a loan by offering as collateral a property you own, or a valuable asset, on which a mortgage is registered. As in the case of mortgages.
The mortgaged property must belong entirely to the loan applicant, but if there are other owners who own shares of the property or real estate, their authorization is required for the mortgage to be registered.
The diversity of the mortgage loan is above all in the value of the property to be mortgaged. This is also the means by which it is possible to calculate the maximum amount to be paid at the time of signing the loan contract.
The professionals carry out an appraisal on the property to establish exactly the market value and the corresponding amount for the financing of the loan. Which must always be proportional to the salary of the person requesting the loan. In general, the maximum amount transferable is 1/3 of the amount received monthly.
What is the maximum amount that can be requested?
Not all banks offer this type of loan. Therefore, the first thing to do is check that the institution you are going to performs the operation. The amount obtainable, unlike 'standard' personal loans, can also be very high, provided the property pledged is of reasonable value.
In the same way, the duration of the repayment can also be longer than that of personal loans for which, on average, the repayment of the principal takes place over a maximum period of 10 years.
In the case of a mortgage loan, the duration can vary and much also depends on the value of the property (or other asset) pledged as collateral. Finally, as for the installment, as with all loans, it should not exceed one third of the monthly income. Thus, if you have a salary of 1,500 euros, the fee should not exceed 500 euros.