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Housing loan on freehold property

28 September 2021

What is the difference between housing finance and housing loan ?
also can housing loan be availed on a freehold property

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Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (7683 Points)
Replied 28 September 2021

A home loan is designed specifically for financing the purchase or construction of a residential property. A mortgage loan, on the other hand, has no restriction on the usage of the loan amount. ... A mortgage loan, also known as a loan against property, is a loan secured by a property that the loan applicant already owns

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Mayuri Thakker (11 Points)
Replied 28 September 2021

Can housing loan be availed on freehold property?

CA Raj Doshi (Practising CA) (8944 Points)
Replied 29 September 2021

The correct products offered by banks for freehold property are
1. housing loan if you are intending to buy and
2. loan against property if you are already the owner.

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