Loan Against Property and Home Loan- Differences

Loan Against Property in Noida is taken by keeping property either residential pr commercial as collateral and borrowing amount against it. Whereas home loan is taken for the purpose of either buying a ready-to-move-in house or for the purpose of booking an under-construction property. One can avail Home loans for residential, as well as commercial properties.

The LAP can be used for various purposes and safer than any other kind of loans types. Personal purposes like education or marriage in the family, then this is one of the finest way out for obtaining the money. Also, it can be used for financing the purchase of another property, in case it is not possible to get a home loan against the property.

On the other hand, in case of a home loan the property to be purchased is kept as mortgage with the lender. Wherein the case of a loan against property is different as any another property is kept as security and not the property that is being purchased.

For a LAP, the tax benefits will depend on the ultimate use of the money borrowed. Both are risker if the repayment strategy is not made properly. It may land the borrower in trouble if any of the EMI gets bounced.

Choosing home loan is the best option when you plan to buy ready to move in house or to book an under-construction property. Both are related to raising the money from the lender. Though LAP is a safer option because it gives you a good tenure period to repay the loan with lower rate of interest whereas considering home loan, the interest rate is bit higher.

Thus, if you have both the options open to lend money. Before choosing must consider the pros and cons of home loans as well as loan against property in noida.

Visit here : Loan on Property

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