A Home loan is a loan product where the lender provides funds for the purchase or construction of a house/residential property. The home loan may be availed either for buying a new house or resale of an existing residential house. Indian home loans are provided up to a maximum of 80%, in some cases 90%, if the loan amount is below 20 lakhs.
A lot of business loans are financed against the security of a property. NBFC and banks, both provide quick business loans against property in India. Majority of the business loans are financed against security of an immovable property.
Loan Against Property
Loan against Property is one of the variants of the Personal loans. These are secured loans offered by banks and financial institutions that use one or more properties owned by you as collateral. In his type of loan, the property is mortgaged and a fixed percentage of the dominant market value of the property (is given to the burrower as a loan.
Unsecured loans provided by the banks without taking any collateral security are known as personal loans. Personal loans are taken for various purposes ranging from marriage to holidaying or to buy a luxury product of your choice or any sort of medical emergencies. Banks don't consider the reason important as long as it doesn't involve speculative trading.
Loan Balance Transfer
Loan balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute principally for a better rate of interest and also better features. A balance transfer reduces your interest rates, thus helping you save on the interest you would have to pay. It is a great facility that lets you reassess your debt, make changes to it and modify it as per your necessities.