At any point or another, there may be a need to get a large amount to cover your needs in multiple ways. From debt consolidation to meeting wedding expenses to paying children’s education and more, money is what you may require.
During such times, you may explore the alternatives of a loan against property and a personal loan. But you may be confused about which one to go for. But did you know Why LAP is better than personal loan? Yes, that’s correct!
Let’s know more about this in this post!
Key differences between a personal loan and a loan against property
Interest rate
Since a loan against property is a secured debt, the rate of interest is on the lower side. In turn, it lets you pay reduced EMIs. On the other hand, a personal loan is an unsecured debt and carries a higher interest rate. It means you have to shell out more as EMIs.
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Loan amount
The maximum personal loan amount that you can get is up to Rs.25 lakh. But, a loan against property may let you enjoy an amount of up to Rs.5 crore. And it signifies why a LAP is better than a personal loan.
No restrictions on funds usage
Both a personal loan and a loan against property comes with no restrictions on how you use the loan money for your needs.
Loan repayment
The loan tenor of a personal loan is up to 5 years, but a loan against property’s tenor could go as long as up to 18 years. It means that you can easily spread the loan amount over a longer tenor and pay lower EMIs. This way, you can manage your outlays without worries.
The basic difference between a personal loan and a loan against property is out. You can apply for one online as per your preferences and cover your needs. For any information and query you can visit our Bajaj Housing Finance Customer Care Portal now.
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