WHAT IS MORTGAGE LOAN?
The mortgage loan is a debt instrument. A mortgage is a loan that uses land or assets as collateral for the loan. These loans are clearly tied to real property, such as land or a house. The borrower signs an agreement with the lender (usually a bank or financial institution) where the borrower first collects cash and then makes payments over a specified period of time until the lender is repaid in full. The borrower owns the property in exchange for money paid in installments over time. It is mostly used to buy a house; therefore, a mortgage is often referred to as a home/housing loan.
Mortgage loans are designed for home buyers with insufficient cash to purchase assets. They are also used as collateral to borrow cash from banks for other purposes that use the house as collateral. Individuals and businesses can use loans to buy more properties without paying the entire purchase price in full.
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