Home loan vs mortgage loan: Know the difference

This article discusses the main differences between home loans and mortgage loans. It covers topics such as collateral, interest rates, tenure, Loan to Value Ratio (LTV), and processing fees. Home loans are specifically for buying or building a house, with the property serving as collateral. Mortgage loans, on the other hand, allow for different forms of collateral, such as houses, gold, or securities. Interest rates for home loans are typically calculated as the RBI’s repo rate plus a small additional amount, while mortgage loans tend to have higher interest rates.