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In This video we talk about about Difference between Home Loan and Mortgage Loan / Home Equity / LAP (Loan towards Property).
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The major distinction between a house mortgage and mortgage towards property is {that a} dwelling mortgage is taken for the property and mortgage mortgage is taken towards the property. The mortgage is given on the idea of the property worth as per the market.
Home Loan:
A house mortgage is a facility by which you may get funds to purchase a House, Construction of House, Renovation and Home Loan BT (Balance Transfer), paying a small portion in EMI because the down cost and persevering with repaying the mortgage as much as the chosen tenure. The mortgage is availed on the idea of the present worth of the property by contemplating many elements such because the age and earnings of the applicant, credit score or CIBIL rating and historical past, property location, skilled stability and employer class.
Home Loan Types
You can get Home Loan for the next functions:
• Home Purchase
• Plot Purchase
• Construction
• Plot Purchase + Construction
• Renovation / Improvement
• Extension
• Home Loan BT
Mortgage Loan / Home Equity / LAP (Loan towards Property):
A house fairness mortgage is a kind of mortgage in which the borrower makes use of the fairness of his or her dwelling as collateral. The mortgage quantity is set by the worth of the property, and the worth of the property is set by an appraiser from the lending establishment.
You can use the fund for any emergency, deliberate expenditure comparable to enterprise enlargement, marriage, journey medical and different Personal functions Etc.
HOME LOAN:
Usage: Purchase House and Construction of House
Ltv (Loan To Value): Upto 90 %
Interest Rate: Low
Tax Benefit: Applicable
PMAY (Pradhan Mantri Awas Yojana): Applicable upto 2.67 Lac
Pre-Payment Charge: NO
Tenure: Upto 30 Years
Loan Processing: Smooth Processing
Benefit: Make personal House
MORTGAGE LOAN / HE/ LAP:
Usage: Personal, Business, Travel, Marriage and different Emergency.
Ltv (Loan To Value): Upto 70%
Interest Rate: Higher than Home Loan
Tax Benefit: Not Applicable
PMAY (Pradhan Mantri Awas Yojana): Not Applicable
Pre-Payment Charge: Yes
Tenure: Upto 20 Years
Loan Processing: High restrictions and Stringent Processing.
Benefit: Instant Fulfill Money Requirement by Mortgage of Property as Collateral.
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