Loan and its types

Mohini Shidhaye Mohini Shidhaye

Mohini Shidhaye

Financial Planner at Harmony Advisors

发布日期: 2020年9月11日
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We usually take a loan when we want to buy something worth more than what we can afford. It can be a house, land, or a vehicle. We also take a loan to pay for our education or to invest in business.

What are the various types of loans?

There are various types of loans depending on its utilization purpose. The rate of interest which applies to each type is different. The interest rate also depends on the amount borrowed, tenure, and profile of the borrower.

For the house

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A home loan is provided to buy a house or a piece of land. The property bought from the borrowed amount is considered as collateral against default of loan repayment. The interest rate offered by various loan providers range from 6.5% to 10% p.a. Home loan is eligible for tax deduction up to ? 1.5 lakh on the principal repaid and up to ? 2 lakh on interest paid every year.

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