hardik Soni
Joined: 16 Jun 2010
Posts: 42
Location: India
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| Posted: Thu Jun 17, 2010 11:57 am Post subject: What is diffenace between Mortgage and Loan... |
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People never satisfied from what they have. To complete their Satisfaction, they used to purchase more and more attractive as well as wonderful properties, these properties may be anything like; House, Car etc. But Due to some Circumstances they do not have enough money to pay for the Particular properties, hence they need any Banking Sector, Financing Agencies and any other Finance Provider that can lent them money for limited time duration and by applying some conditions. Which is known as a “LOAN”.
Today there are so many Companies as well as Government Banks that helps people to get properties by giving them a Loan, but now-a-days one of the most popular loan is “MORTGAGE LOAN”. Mortgage is such a same as a LOAN. In simple words we can say that
“ A mortgage is a method of using properties as security for the performance of an Obligation, usually the payment of a debt.”
BUT,
“A LOAN is one kind of Debt. This debt has to be payed before particular Time duration and with additional interest rates is also to be paid by Borrower in LOAN.” |
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