A Mortgage Loan is a type of secured loan where borrowers use their property (usually residential or commercial real estate) as collateral to obtain funds from a lender. It is commonly used for purchasing property, home renovations, or other large expenses.

Eligibility criteria typically include factors such as income stability, creditworthiness, age (usually between 21 and 65 years), property valuation, and legal clearances of the property being mortgaged.

The funding amount for a Mortgage Loan depends on factors such as the property's market value, your income, repayment capacity, and the lender's policies. Typically, lenders offer loans up to a certain percentage (e.g., 70-80%) of the property's value.

Commonly required documents include proof of identity (passport, Aadhar card, PAN card), proof of address, income proof (salary slips, bank statements), property documents (title deed, sale deed), property valuation report, and legal clearances.

Interest rates for Mortgage Loans can be fixed or variable and are influenced by factors such as the loan amount, tenure, and the borrower's credit profile. Repayment terms typically range from 5 to 30 years, depending on the lender and the borrower's preferences.

Yes, you can prepay or foreclose your Mortgage Loan before the end of the tenure. Lenders may charge prepayment penalties or fees, which vary based on the terms and conditions of your loan agreement. It's advisable to check with your lender about these charges before making any early payments.