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DME-102-Basics-of-Microfinance--->View question

What type of loan is taken more in india ??

Whether education loan or home loan or gold loan is taken more ??

Asked On2017-11-14 15:02:01 by:Anirudh

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1. Loan Against Property

These are close-ended secured loans wherein the borrower needs to follow a set payment schedule over a stipulated period. While you need to mortgage a residential, commercial or industrial property in order to Avail a Loan Against Property, what makes it popular is the comparatively low rate of interest. Usually, one can expect to receive anywhere between 40 to 70% of the market value of the mortgaged property. This concept is known as Loan to Value or LTV.

This type of loan is taken for the purpose of expansion of business, purchase of new machinery, purchase of property, home renovation, and personal expenses such as education, marriage, and others.

2. Home Loan

Buying a residential property is one of the biggest investments in life. This requires access to large amount of funds. Moreover, these loans are accompanied by attractive interest rates and flexible repayment periods which make them a better decision as compared to the investment of one’s entire savings on building/purchasing the house. We at MyMoneyMantra have made it exceedingly easy to Apply for a Home Loan online.

A Home Loan is usually taken in order to –

  • Buy a residential property currently under construction
  • Purchase a ready-made residential property
  • Buy a plot in a private development
  • Construct new property to be used for residential purposes
  • Purchase a plot with the aim of construction of a house

Answerd on:2019-03-28 Answerd By:Rohit498

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