Non Housing Loan
Non Housing Loan is actually a Mortgage Loan. When you avail loan against your own residential or commercial property then it comes under non Housing Loan. A long tenure and low interest rate makes it the best choice compared to other commercial/consumer loan.
Loan Against Property
Loan Against Property is the loan against your assets such as your owed house, land or and other commercial property. The asset remains as collateral with the lender until the entire loan against property amount is repaid. It is designed to provide financial support for businesses of all sizes, whether big or small. Generally rate of interest is approx. 1.8 to 2.5 higher than home loan.
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Commercial Property Loan
Commercial Property Loan is the loan offer against the mortgage of non-residential property or commercial property. A commercial property is use to run a business or any other commercial undertaking. This is for purchase of new or exiting office extension, improvement or construction of an office etc.
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Commercial Plot Loan
Commercial Plot Loan is a loan used for purchasing a new Commercial Plot for building new or existing office. This is the loan you can avail against the mortgage loan that is secured through the mortgage of commercial property instead of residential property.
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Benefits of Non Housing Loan
Taxation
The best feature of Non Housing loan is that you get the tax benefits on the interest payments. However, it is applied for the specified purposes such as business and to purchase of residential property.
It is also important to understand that you can not claim tax benefits if you use it for personal expenses such as marriage, education, travel wedding or more.
Interest Rate
It is a secured loan, so there is low risk of lender. In case of any losses, it is recovered by making legal claim on the property. This security reason is the reason for nominal rate of interest on this type of loan rather than other type of commercial/consumer loan.
Repayment Tenure
The key point of this loan is long tenure. Long tenure and low interest makes it efficient and affordable loan.
You can afford big expenses comfortably
Non Housing Loan helps you to manage big expenses comfortably such as marriage, overseas education, renovation home purchases and more with low rate of interest and for long tenure.
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