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Loan against home works out to be much cheaper than personal loan. The lower rate because the lending entity has a security in the form of the housing mortgage vis-a-vis a personal loan that is given without any security.
The loan tenure for loan against home is much larger than personal loan. Generally, the maximum loan tenure is 10 years. Loan against home can be taken for any purpose and you are not required to disclose the motive of the loan to the lending authority.
The criteria for loan against home are same as that of a home loan. Part prepayment as well as full prepayment of loan against home is generally allowed by most lending institutions.
Loan against property is available against both residential and commercial property. Many housing finance companies allow individuals to take loan against home if they have taken a housing loan from them.
