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The terms “mortgage” and “home loan” are often used interchangeably. Technically, a mortgage is the agreement that makes your home loan possible — not the loan itself. For real estate transactions, agreements need to be in writing, and a mortgage is a document that (among other things) gives your lender the right to foreclose on your home.

Why should you take a Mortgage Loan?

Borrowers also get some benefit out of this arrangement. By helping the lender reduce risk, the borrower pays a lower interest rate. Mortgages are often used by consumers (individuals and families), but businesses and other organizations can also purchase property with a mortgage.APPLY NOW

What are the features of Mortgage Loan?

Low fees

Turner rates no or low upfront and ongoing mortgage fees as one of the leading features in any home loan. “Many people base their mortgage decision on the interest rate being charged, but they should also ask about all fees,” he says.

Split interest rate

If you want the benefits of a variable rate home loan but the certainty of a fixed rate, ask about splitting your loan into a ratio that best suits your needs.

Flexible repayments

This feature offers the capacity to choose how often you repay (weekly, fortnightly or monthly) and gives you greater control of your finances and planning. Payments should also include the ability to pay through multiple options including the internet, phone or an ATM.

Redraw facility

Many home loans let you not only make additional repayments, but also redraw these repayments to use as a reserve of funds. These can be particularly handy over the course of a 25- or 30-year loan, especially if renovations, children or school fees are on the cards.

Loan portability

If you are unlikely to own the same house for 25 years, check that you can shift your loan if you move to a new property.