Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank/NBFC's loan, the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.
Loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to 60 per cent. Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.The narrower term rental agreement can be used to describe a lease in which the asset is tangible property. Language used is that the user rents the land or goods let or rented out by the owner. The verb to lease is less precise as it can refer to either of these actions.
Personal Loan is an unsecured loan to meet your current financial needs. It is referred as an unsecured loan as there is no security against it. It is usually taken by borrowers who are looking for quick and easy loan with manageable interest rate and minimum documentation. You can use a personal loan as per your convenience without being monitored for the actual end usage.
Business Loan is for you if you want to start a new business or you want to expand an existing one, you may consider third-party financing from Bank/NBFC such as a non-collateral short term loan. An unsecured loan is a loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral. Documents Required
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