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A mortgage is a type of loan used to buy or maintain a home, land or other property. The borrower agrees to repay the loan within a set period of time, usually in monthly installments. The property itself serves as collateral for the loan. If the borrower fails to make payments, the lender can seize the property through a legal process called foreclosure. Mortgages are usually offered by banks, credit unions and other financial institutions.
Housing Loan Application Flow Process.
The housing loan application flow process involves the preparation of documents, eligibility assessment by the bank, acceptance of the offer letter, signing of the agreement and finally, financing approval.
