People avail a loan for multiple purposes like - home construction, marriage, higher education, adopt motor vehicles, emergency, car, etc. The most popular loan personal loan and loan against property. This article gives you detailed information which is helpful for you to select one of them.
Mortgage loan :
A Mortgage loan or Loan Against Property is a type of loan where you can get a loan by keeping your private or commercial property as the collateral guarantee.
Benefits:
- A LAP has several benefits you can read bellow.
- A loan against property is a secured loan the lender offers you a good loan amount
- A repay tenure is longer than other loans
- The Loan against property interest rate is lower than another loan.
- The documentation process is simple
- The loan approval process is very easy and fast
- You can utilize this loan amount for multiple purposes.
Personal Loan:
This is not more secured than loans against property. the personal loan has not required any collateral. Just like a loan against property we can use the loan amount for multiple purposes.
Benefits:
- This is a multi-purpose loan
- interest rate is better than the credit card interest rate
- The loan rate is normally less for borrowers with a good credit score.
- The Personal loan is available almost all type lenders.
- The repay tenure extends up to 7 years or more.
loan against property and personal loans both is its own benefit. the personal loan is for that person who is not want to give his property as collateral. If you are looking for a low-interest rate then go with loan against property.
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