What is a home loan?
A home loan is taken
for either buying a ready to occupy home or to book for an under construction
property. Home loans are available for both residential and commercial
property.
What is a loan against
property?
In general, a loan
against property is taken for raising additional funds for business. It can
also be obtained for personal needs like higher education, marriage purpose,
finance the purchase of a new property etc. One can obtain a loan against
property in two forms
• Pure loan – In this case, a lump sum amount
is paid to the borrower against the property
• Overdraft facility- A line of credit in the
form of an overdraft facility with a set limit.
In the case of loan
against property, the pledged property can be either commercial or residential
property.
Tax Benefits
In the case of a home
loan the borrower can avail tax benefits on both the principal and interest
amount under certain income tax laws. Whereas in the case of loan against
property, the availability of tax benefits depends on the ultimate use of the
loan taken.
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