Question

Elaborate keen observer in your own

Answer 1

Answer:

All three terms essentially mean taking a loan by offering property as security. In case of a home loan, the security offered to the lender is the home purchased with the home loan. In case of mortgage loan and loan against property, the asset, i.e., the property, could be a commercial property or a residential property. The term ‘mortgage loan’ is usually not used in India.

The term ‘loan against property’ could also imply taking a loan by offering a residential or commercial property already owned by the borrower as mortgage to the lender. This facility is usually used by borrowers who need liquidity to meet personal expenses such as marriage, medical, etc., or for business needs.

Explanation:

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