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Home loans are secured loans offered by Banks or Non banking Finance corporations for purchasing of New house ,Flat and for construction of house . Lender takes property document as collateral against loan amount and Interest rates are flexible being either Fixed or Floating. Home loan interest rates are lower when compared to unsecured personal advances.
Types of Home Loans:
Depending upon the type of property being purchased and the quantum of loan being availed, home loans can be classified into the following different types.
Home Loan for Construction Home loan for construction is offered to customers who want cash to construct their own house on an existing piece of land.
Home Extension/Renovation Loans
Home loans for extension or renovation of home are offered to those home loan borrowers who already have a house but are looking for further construction or renovation on their existing piece of property.
A Personal Loan is a form of unsecured loan availed by individuals on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment. The loan is usually taken for the fulfillment of personal needs from a banking institution or a non-banking financial company.
Why choose a Personal Loan?
A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to overcome any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission and seek minimal documentation.
Features and Benefits of Personal Loans
Need immediate capital for Financing your child’s education, expanding your business, unforeseen medical expenses or for the marriage expenses of your daughter? And still do not want to sell your much cherished property? Then Loan against Property is the right product for you.
• Earn Property appreciation by the time you pay for the Loan.
• Cheaper than a Personal Loan & Loan against Securities.
• Restricted loan against value of the property ensures a lower risk.
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