{"id":21,"date":"2025-07-31T13:14:02","date_gmt":"2025-07-31T13:14:02","guid":{"rendered":"https:\/\/sairamfinancial.in\/blogs\/?p=21"},"modified":"2025-07-31T13:49:21","modified_gmt":"2025-07-31T13:49:21","slug":"home-loan-and-mortgage-loan-what-the-difference","status":"publish","type":"post","link":"https:\/\/www.sairamfinancial.in\/blogs\/home-loan-and-mortgage-loan-what-the-difference\/","title":{"rendered":"\ud83c\udfe0 Home Loan vs Mortgage Loan \u2013 What\u2019s the Difference?"},"content":{"rendered":"\t\t
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Looking to buy a property or figure its valuation in the market?<\/b><\/p>\r\n

You must\u2019ve encountered people applying for home loan or mortgage loan<\/a>, while they sound similar, they're used for different reasons. If you\u2019ve been curious, it\u2019s high time that we put them to rest since we are a trusted name in financial consulting, Sai Ram Financial Consultant is here to clear the confusion and help you make smarter borrowing decisions.<\/p>\r\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\ud83c\udfe1 What is a Home Loan?<\/b><\/p>\r\n

First things first, home loan is a type of secured loan taken to purchase or construct a new home.<\/p>\r\n

It can also be provided and many people opt it for home renovation or plot purchase with construction.<\/p>\r\n

We break it down to simply it better.<\/p>\r\n

  • Purpose: Buying\/building a home<\/li>\r\n
  • Loan amount: Up to 80-90% of property value<\/li>\r\n
  • Tenure: Up to 30 years<\/li>\r\n
  • Lower interest rates compared to other loans<\/li>\r\n
  • Tax benefits under Section 80C and 24(b)<\/li>\r\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    \ud83c\udfe6 What is a Mortgage Loan?<\/b><\/p>\r\n

    Mortgage loan is also know as collateral loan, since you pledge your existing property in exchange for some loan, be it a residential property or commercial, or a plot land.<\/p>\r\n

    Simplifying further, <\/p>\r\n

  • Purpose: Business expansion, personal needs, education, medical emergencies<\/li>\r\n
  • Loan amount: 50\u201370% of property\u2019s market value<\/li>\r\n
  • Tenure: 10\u201315 years<\/li>\r\n
  • Slightly higher interest rates than home loans<\/li>\r\n
  • No tax benefit (unless used for business)<\/li>\r\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    \ud83e\udde0 Key Differences at a Glance<\/p>\n

    Here\u2019s a table for you better understanding.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Feature<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Home Loan<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    Mortgage Loan<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    Purpose<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    Buying\/building a home<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    Loan against owned property<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Feature<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Home Loan<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Mortgage Loan<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Collateral<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    The home being purchased<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Any owned property<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Tax Benefits<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    Yes<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Limited\/None<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    Interest Rates<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    Lower<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Slightly higher<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Tenure<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Up to 30 years<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

    \n\t\t\t\t
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    Usually 10\u201315 years<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Usage Restrictions<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Restricted to housing purposes<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Can be used for any purpose<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    By now you probably know that you\u2019re building a new home or perhaps buying your dream apartment, choose home loan. If you seek some cash for your personal endeavours or business needs and already own a property.<\/p>\n

    And as, the best home loan advisor in Bangalore, we at Sai Ram Financial Consultant loan services offer both of the loans which, however, serve different goals, and choosing the right one depends on your need, eligibility, and future financial plans. Visit us today and let us be a partner on this beautiful journey. <\/p>\n

    \ud83d\udce3 Consult Sai Ram Financial Consultant Today<\/p>\n

    We offer end-to-end assistance with:<\/p>\n

    \u2705 Home Loans
    \u2705 Mortgage Loans
    \u2705 Balance Transfers
    \u2705 Loan Top-ups
    \u2705 Best Rates from HDFC, ICICI, Axis, SBI & more<\/p>\n

    \ud83d\udcde Call +91-9743142444 | \ud83c\udf10 Visit: www.sairamfinancial.in<\/a><\/p>\n

    Let us help you pick the right loan with the best deal.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    Looking to buy a property or figure its valuation in the market? You must\u2019ve encountered people … \ud83c\udfe0 Home Loan vs Mortgage Loan \u2013 What\u2019s the Difference?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":23,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[7,2,6,4,5,3],"class_list":["post-21","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-business-loan","tag-first-time-homebuyer","tag-home-loan-and-mortgage-loan","tag-home-loans","tag-personal-loan","tag-sai-ram-financial-consultant"],"yoast_head":"\nHome Loan and Mortgage Loan \u2013 What\u2019s the Difference?<\/title>\n<meta name=\"description\" content=\"Understand the key differences between home loan and mortgage loan to choose the right option for your needs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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