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Know the key differences between mortgage and gold loans

Advances like a loan against property and gold loans are the two most popular financing options that can meet your fund requirements. Now, the question arises, how would you choose between these two financing options? To get the answer, let us dive deep into their details in this article.

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Know the key differences between mortgage and gold loans

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  1. Know the key differences between mortgage and gold loans

  2. Loan against property meaning • This loan's funds are secured by real estate. • The loan value is determined by the property's current value.

  3. Gold loan meaning This loan's funds are secured by precious metals like gold or silver. The purity of the metal is critical for loan approval.

  4. Distinctions between a gold loan and a loan against property

  5. Collateral Gold loans are secured by silver, gold, and other precious metals. A mortgage loan requires land or building as collateral.

  6. Fund value • LAP is available for up to Rs 15 crore. • Gold loans typically provide a lower loan amount.

  7. Interest rate LAP interest rates are much lower than gold loans.

  8. Paperwork LAP documentation is a bit lengthier than gold loans.

  9. Payback period Gold loans are available for 24 months. LAP repayment terms can be as long as 15 years.

  10. LAP is advantageous to gold loans in many ways. Still evaluate your needs before applying for one. — Herofincorp “

  11. Thanks! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : Loan against property vs Gold loans- Know the difference

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