A Housing Loan is obtained from a Financial Institution like Bank and NBFCs to purchase a Home. Home loans may also be referred to as mortgage loans. Interest rates offered on home loans can be either fixed or floating. Fixed rate is one in which the same interest rate is applicable throughout the loan tenure. Floating rate is one in which the interest rate varies during the home loan tenure, as per changes in market rates.
A personal loan is a type of unsecured loan and helps to meet one’s current financial needs. One usually doesn’t need to pledge any security or collateral while availing of a personal loan and the lender provides the flexibility to use the funds as per one’s need. It can serve as a solution for funding holidays and wedding expenses, as well as medical emergencies, home renovation, debt consolidation and others.