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Which is a better choice-a Personal Loan or a Mortgage Loan

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Which is a better choice-a Personal Loan or a Mortgage Loan

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  1. Mortgage Loan

  2. Which is a better choice-a Personal Loan or a Mortgage Loan?

  3. A loan is your way out during times when you’re low on cash. However, with the vast variety of loans available out there, it’s not always easy to find and choose the best option. If you’re looking to decide between a personal loan and a loan against property, you need to know a few things about both these forms of credit before you make a decision.

  4. Mortgage loan vs Personal Loan • The difference between Mortgage loan and personal loans is quite fundamental. • A personal loan is unsecured, meaning that you don’t need to put own collateral to take one. • A loan against mortgage, on the other hand, is secured with the property that you pledge to the lender. • In order to pick the right one, you need to find out what your requirements are. • If you’re seeking a lower loan amount that you can quickly pay back within a short duration of time, then a personal loan may prove to be a better choice. • But keep in mind that their interest rates are usually quite high, ranging from 14% to 21%; that’s why you need to pay back your loan as quickly as possible. It’s a good idea to mortgage your house only when you need a higher loan amount, for a longer duration of time.

  5. Consider the Interest Rates • A loan against property is known be one of the cheapest retail loans after home loans. A personal loan, however, is definitely not as cheap. • While loan against property interest rates range from 12% to 16%,personal loan interest rates usually fluctuate between 16% and 21%. • It’s important to choose an interest rate that’s commensurate with your ability to repay.

  6. Check the Loan Amount • The personal loan amount that’s sanctioned to you depends mainly on your level of income, along with your ability to repay. • The loan against property amount, however, is dependent on the value of the property you pledge. • So it’s very likely that you’ll be offered different amounts when you apply for both these kinds of loans. • Choose a loan amount that best suits your needs. Source : http://blog.bajajfinserv.in/which-is-a-better-choice-a-personal-loan-or-a-loan-against-property

  7. Click to know more on Mortgage Loan: Thank You

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