Gulf Mortgage Finder is the Leading Home loan & Mortgage comparison portal.
Our goal is to simplify the world of Mortgage and Home loans and help consumers with confidence find the right product for them in the MENA region.
What is a Mortgage Loan?
A mortgage loan is secured against a residential property granted for the purpose of building, purchasing, or renovating a home for the resident owner or for investment purposes. It also includes loans granted to purchase or develop lands for these purposes.
The mortgage is legally binding and a warrant is guaranteed in giving the lender the right to file a legal case against the borrower’s home if the borrower defaults on payment as per the terms of the bond. Basically, the borrower owns the property or home, but the lender owns it until it is paid in full.
Mortgage payments are usually made in the form of monthly payments consisting of interest and principal. The principal is to pay off the principal amount borrowed, which reduces the balance. Interest, on the other hand, is the cost of borrowing the principal amount for the last month.