Why Home Loan is better than Loan against property learn from Munafawala

February 3, 2023 By: Nisha Gupta0 comments

A home loan is specifically for buying a house and is secured by the property being purchased. A loan against property is a secured loan where the property is used as collateral but can be used for any purpose, not just buying a house.

Here are some reasons why a home loan might be considered better decoding done by munafawala

1. Lower interest rate: Home loans generally have a lower interest rate compared to loan against property as it is specifically for purchasing a house.
2. Tax benefits: Home loan borrowers are eligible for tax benefits under Section 80C and Section 24 of the Income Tax Act, which are not available for loan against property.
3. Repayment tenure: Home loans usually have a longer repayment tenure compared to loan against property, providing borrowers with more time to repay the loan.

That being said, the choice between a home loan and a loan against property will depend on individual circumstances and financial goals, and it’s important to carefully consider the terms and conditions of each before making a decision. Please contact Munafawala for home loan.