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What is the difference between a home loan, a mortgage loan and a loan against property?

Question:

What is the difference between a home loan, a mortgage loan and a loan against property?

Loan

Is a short term financial obligation that is usually repaid in periodic installments that caters for both the principal amount and interest. The installments are monthly and are made until the maturity of the loan.

Answer and Explanation:

Mortgage loan

A mortgage loan is the same as a loan taken against property.It is a loan taken with the property as the collateral. The borrower...

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Buying a House: Mortgage Types & Loan Length

from Finance 102: Personal Finance

Chapter 7 / Lesson 4
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