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A type of crediting system in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount.
Take a LoanA store that lends money in exchange for a valuable thing that they can sell if the person leaving it does not pay an agreed amount of money by an agreed time
Learn MoreEquated Monthly Installment (EMI) is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off.
Calculate!A mortgage is a type of loan that is used to purchase a property, such as a house or a piece of land. The borrower (also known as the mortgagor) obtains funds from a lender (also known as the mortgagee) and agrees to repay the loan amount over a specified period of time with interest. The lender holds a security interest in the property until the loan is fully repaid.
Mortgages can have fixed or adjustable interest rates, and the terms of the loan can vary depending on the lender, the borrower's creditworthiness, and other factors. In general, mortgages are considered to be long-term loans, with repayment periods that can range from 15 to 30 years or more.
It's important to carefully consider all the terms and conditions of a mortgage before agreeing to the loan, and to work with a reputable lender who can provide guidance and support throughout the process. With proper planning and management, a mortgage can be a valuable tool for achieving your long-term financial goals.
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