Type of home loan and non home loan

Question

Accepted Answer

There are various types of home loans and non-home loans offered by banks and financial institutions.

Home loans include purchase loans, construction loans, renovation loans, and balance transfer loans.
Non-home loans include personal loans, car loans, education loans, and business loans.
Home loans are secured loans while non-home loans are unsecured loans.
Interest rates and repayment tenures vary for different types of loans.
Banks and financial institutions have different eligibility criteria for different types of loans.

Accepted Answer

PNB Home Loan Purpose

• For construction of house/ flat;

• For purchase of built house/flat.

• For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/Projects.

• For carrying out Additions to the house/flat.

• For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.

• For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.

• For purchase of land/plot for house building.

The main difference between a home loan and loan against property is that a home loan is taken for the property and mortgage loan is taken against the property. The loan is given on the basis of the property value as per the market.

Type of home loan and non home loan

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