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Home Loan
Any loan provided to construct or buy a new house, which may be an individual house or an apartment is termed as Home Loan. In home loans the customers are given a choice of selecting between a floating interest rate and a fixed interest rate. The floating interest rate is generally of lower interest and changes with the change in market scenario. These changes are dictated by the Reserve Bank of India in their action of reducing or increasing the lending rate which may impact the floating rate of interest.

The lending institution would check the documents pertaining to the home that is being bought with its panel before giving a nod to sanction approval in addition to the checking the eligibility in all other criteria. One feature of Home loan along with Mortgage loan is the ability of the borrower to prepay the loan in parts.With this feature the customer may save and start closing the loan to either decrease the EMI or decrease the tenure of the loan.
Mortgage Loan
Loan provided against the property papers of a house, which may be an individual house or an apartment is termed as Mortgage Loan. As in home loans, in mortgage loans too, the customers are given a choice of selecting between a floating interest rate and a fixed interest rate. The floating interest rate is generally of lower interest and changes with the change in market scenario.

These changes are dictated by the Reserve Bank of India in their action of reducing or increasing the lending rate which may impact the floating rate of interest. The lending institution would check the documents pertaining to the home that is being mortgaged with its panel before giving a nod to sanction approval in addition to the checking the eligibility in all other criteria.

One feature of Mortgage loan is the ability of the borrower to prepay the loan in parts. With this feature the customer may save and start closing the loan to either decrease the EMI or decrease the tenure of the loan.
Business Loan
An unsecured loan brought for business purposes like meeting the working capital needs or expanding the current business line is termed as business loan. As the name indicates this type of loan is only for businesses like Sole proprietorship firms, Partnership firms, Self employed professionals or Private limited companies.

Documents like the IT papers showing the return details, the presence of other loans for the company, profit margin etc play a very vital role in deciding the sanctioning of the business loan.
Personal Loan
Personal Loans are loans provided to you without taking any security. Since there is no security involved, the interest rate for this type of loan is way higher than any other type of loans.Generally if you have a good salary or you are running a business on high profit as reflected in your IT filing reports, you may be provided with a personal loan.

If your income level is low but still pass the eligibility for availing a personal loan then there are all possibilities that the loan may come at an expensive interest rate. It may be noted that borrowings made of credit card is more expensive than a personal loan..
 
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