A key difference is that home loans generally have a lower interest rate due to collateral, while housing finance rates vary. Total repayment depends on these rates.
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Tenure
Home loans provide up to 30 years for repayment. Housing finance offers flexible terms based on interest rates for decor or house construction.
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Eligibility
Eligibility for loans depends on income, credit score, and property value. Finance eligibility can vary depending on the type of loan and its purpose, such as for home renovation.
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Repayment Structure
Home loans follow a fixed EMI repayment plan, offering predictability. Finance products may allow more flexible terms, ideal for home decor or renovation projects.
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Tax Benefits
Home loans provide tax deductions under Section 24(b), offering substantial savings. Finance products may not have similar tax benefits.
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Documents Required
Loan documents include proof of income, identity, and property. Housing finance documents vary by lender, especially for renovations or designs.
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Flexibility
Loans are generally used for property purchases or construction. Finance can cover broader needs like home improvement, interior design, and renovation.
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Insurance Requirements
Property insurance is mandatory for loans. Finance products may have varying insurance requirements, depending on the loan purpose, like for home extension or decor.
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Loan Transfer Options
Home loans can be transferred to another lender for better interest rates. Transfer options for finance products depend on the product and lender’s policies.
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Down Payment
Home loans often need a 10-20% down payment. Finance down payments vary depending on the type of loan, especially for renovation or interior design.
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Profession-Based
Some home loan products cater to professionals with specialized terms. Housing finance, while generally not profession-specific, can be tailored to needs like house construction.
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Insurance Requirements
Loans are for property purchase or construction, while finance products offer broader uses like renovation and home decor. Interest rate comparisons can guide the best choice.
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End Use Restrictions
Loans are for property purchase or construction, while finance products offer broader uses like renovation and home decor. Interest rate comparisons can guide the best choice.
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Tenure Flexibility
Home loans offer long-term tenures, often up to 30 years. Housing finance tenures can be shorter or more flexible.
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Loan Disbursement:
Disbursement for loans is often stage-based. Housing finance disbursement can be immediate or stage-based. Rates impact disbursement terms.