Mortgage loans are the perfect way to raise large sums of money. You can avail several types of mortgage loans depending on your needs. Let us walk you through the various types and their features. It will help you make an informed decision while applying for these loans.

A. Fixed-Rate Mortgage Of 15 Years

Well, in this type your interest rate will remain unchanged throughout the loan tenure of 15 years. You can go for this Mortgage loan if you are building/ buying a new house.


  • You will repay your loan faster. Isn’t that great?
  • Your total interest payments will be lesser than a loan with a longer tenure.
  • Guess what is the best part? You will get full ownership of your dream home sooner!

     B. Fixed-Rate Mortgage Of 30 Years

They are similar to the previous type. The only difference is in the loan tenure. You can go for this if you want lower EMIs. It will stretch out your payment over a longer time. 


  • You will have less financial pressure every month.
  • You also get the flexibility to repay your loan earlier.
  • It is easier to qualify for these loans since the EMI amount is less.

However, in a 30-year mortgage loan, you will end up paying more in terms of the total interest amount.

C. Mortgage Loans With Adjustable Rates

In these loans, the loan against property interest rate is fixed for the initial few years. After that, it adjusts at specific intervals of time. You can go for adjustable rates if you do not wish to drag your loan for a long period.


  • You will enjoy lower rates in the initial phase. Moreover, your rates will be fixed. So, you can predict your EMIs and plan accordingly.
  • Your EMIs can decrease in the flexible period! What can be better?

D. VA Mortgage Loans

Are you in military services? Well, sounds good. There is good news for all of the military services people. VA Mortgage loans are exclusively for you. You are also eligible if you are a veteran.


  • You can enjoy lower interest rates.
  • You get a flexible tenure according to your convenience.

E. English Mortgage

Isn’t that an interesting name English mortgage? Well, in this type of mortgage loan, you have to transfer your property to the lender. You can recover it when you repay the loan. 


  • It is a great way to put your movable property to some good use.
  • Since it involves a personal commitment, you can get lower interest rates.

Now that you know the different types of mortgage loans available in India, you can choose according to your requirements. However, do not forget to check all the details related to the loan interest rate against property.

Additional Read: This Is The Convincing You Need With House Purchase

Final Word

PNB Housing offers affordable interest rates on all your mortgage loans. Moreover, you can forget about those long delays. Your application will get processed in no time. Stop wasting time and apply for a mortgage loan now to meet your financial requirements.