Purchase Loan
A purchase loan is a type of loan specifically designed to help individuals or businesses buy real estate or other high-value items, like vehicles or equipment.
For real estate, it's commonly known as a mortgage. The borrower receives funds from a lender, usually a bank or mortgage company, to purchase the property. The borrower then repays the loan over a set period, typically with interest.
Purchase loans typically require a down payment, which is a percentage of the purchase price paid upfront by the borrower. The lender assesses the borrower's creditworthiness and financial situation to determine the terms of the loan, including the interest rate and repayment schedule.
The terms of a purchase loan can vary widely depending on factors such as the borrower's credit history, income, the amount of the loan, and the current market conditions. It's important for borrowers to carefully consider their options and shop around for the best loan terms before committing to a purchase loan.
Upto : 25 Lakh
Interest : 14 %