What is pl and mortgage

Question

Accepted Answer

PL stands for Personal Loan and Mortgage is a loan taken against a property.

PL is an unsecured loan that can be used for any purpose.
Mortgage is a secured loan where the property is used as collateral.
PL interest rates are higher than mortgage rates.
Mortgage is a long-term loan with a fixed or adjustable interest rate.
PL is a short-term loan with a fixed interest rate.
Examples of PL include credit card debt consolidation, home renovation, or medical expenses.
Examples of mortgage include buying a house, refinancing, or home equity loans.

Accepted Answer

In finance, "PL" typically refers to a Personal Loan, an unsecured loan used for various purposes, while "mortgage" refers to a secured loan, often used to purchase property, where the property serves as collateral. 
Here's a more detailed explanation:
Personal Loan (PL):
Unsecured:
These loans don't require collateral, meaning you don't need to pledge any assets to secure the loan. 
Flexibility:
You can use the funds for a wide range of purposes, such as home renovations, medical expenses, or debt consolidation. 
Higher Interest Rates:
Due to the lack of collateral, lenders typically charge higher interest rates on personal loans compared to secured loans like mortgages. 
Shorter Repayment Periods:
Personal loans usually have shorter repayment periods compared to mortgages. 
Mortgage:
Secured Loan:
A mortgage is a loan secured by real estate, meaning the property itself serves as collateral. 
Property as Collateral:
If you fail to repay the loan, the lender can seize and sell the property to recover the outstanding amount. 
Lower Interest Rates:
Because the loan is secured, mortgages typically have lower interest rates than unsecured personal loans. 
Longer Repayment Periods:
Mortgages often have longer repayment periods, allowing borrowers to spread out the payments over many years. 
Used for Real Estate:
Mortgages are primarily used to finance the purchase of real estate, such as houses or land.

Accepted Answer

Pl means personal loan and mortgage means refinance in own property

Accepted Answer

Pl stand for personal loan and mortgage stands for to take loan against property

What is pl and mortgage

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