When we need cash in an emergency then only we focus on loans from which we get instant cash for any type of emergency. Most people go for personal loans because they are not much aware of the benefits of the other loan which is far better than the personal loan that is mortgage loan also known as a loan against property this is a trending loan for the emergency of the cash. A mortgage loan is a secured type of loan and a personal loan is an unsecured type of loan.
Interest Rate
- Mortgage loan: The interest rate of mortgage loans is usually less because it is a secured type of loan so, in this case, the interest rate starts from 9% to 11% depending upon the lenders. Apply for a mortgage loan now.
- Personal Loan: The interest rate of personal loans is comparatively high because of unsecured loans. The rate starts from 11% to 25% which is a very high range. Should Know in detail Loan against property or Personal loans.
Loan Tenure
- Mortgage Loan: The loan tenure of a mortgage loan is very long; it can be for 20 years. As long tenure leads to low EMIs which is easy to repay without disturbing the monthly budget.
- Personal Loan: The loan tenure is short that is 5 years. This automatically leads to higher EMIs.
These two were the major factors that every borrower looked at before availing a loan. So, the mortgage loan is on the front side at each point.
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