Mortgage Loan

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Definition of “Mortgage Loan” :

A Mortgage Loan is a type of loan provided by financial institutions, typically banks, to assist individuals in purchasing a property. The property itself serves as collateral until the loan is fully repaid. In South Africa, the repayment period can extend up to 30 years, with the interest rate determined by the borrower’s creditworthiness and the prevailing South African Reserve Bank rates.

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