Are you confused between a home loan and a loan against property (LAP)? At DigiFiin Consulting, we help you choose the right loan product that suits your needs. Here’s a detailed comparison to help you decide.
1. Purpose of the Loan:
- Home Loan: Specifically for purchasing or constructing a house.
- Loan Against Property (LAP): A secured loan where you mortgage your property for any financial needs.
2. Interest Rates:
- Home loans usually have lower interest rates.
- LAP interest rates are slightly higher but depend on your credit profile. DigiFiin Consulting helps you find the lowest rates through our partner banks and NBFCs.
3. Loan Tenure:
- Home loans typically have longer tenures (up to 30 years).
- LAP has shorter tenures (up to 15 years), leading to higher EMIs.
4. Loan-to-Value (LTV) Ratio:
- Home loans cover up to 90% of the property value.
- LAP provides up to 70% of the property’s market value.
5. Tax Benefits:
- Home loans offer tax deductions on principal and interest.
- LAP offers tax benefits only if funds are used for business or home purchase.
Why Choose DigiFiin Consulting?
- Multiple loan options from top banks and NBFCs.
- Expert advice tailored to your financial goals.
- Support for balance transfers and top-up loans.
Get the Right Loan with DigiFiin!
Contact DigiFiin Consulting via www.digifiin.com or WhatsApp at +917297898290 to find the best home loan or LAP options.
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