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Home Loan
Home loan vs mortgage loan: Key differences explained
Key Takeaways
Home loans assist you in buying or building a house; mortgage loans unlock funds using existing property.- Home loan use is limited to housing; mortgage loans offer flexible usage.
- IDFC FIRST Bank offers up to ₹10 crore (home loan) and ₹15 crore (mortgage loan) with long tenures.
- Choose based on your goal—own a home or raise funds from owned property.
When it comes to borrowing a large sum of money for property-related needs, terms like home loan or mortgage loan are often used interchangeably. However, each option has a distinct purpose to offer. Also, they come with their own set of features.
Understanding the difference between a home loan and a mortgage loan is essential for making sound financial decisions.
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What is a home loan?
A home loan is a kind of secured loan provided to individuals for the purchase, construction, or renovation of a residential property. The property being bought is itself the collateral or security until the loan is completely repaid.
Key features of IDFC FIRST Bank home loans
Here are some of the most important features of IDFC FIRST Bank home loans:
- Minimal documentation and a digital process for loan approvals
- Loan amounts up to ₹10 crore with flexible tenures up to 30 years
- Tailor-made loans to match your income profile
- Top-up up to 100% at the same interest rate as balance transfers
- Higher eligibility for both salaried and self-employed customers
All the above-mentioned features make IDFC FIRST Bank’s home loans ideal for first-time buyers and homeowners looking for flexibility and long-term financing.
What is a mortgage loan?
A mortgage loan is also commonly known as a Loan Against Property (LAP). This is a secured loan where an existing property (either residential or commercial) is pledged in the form of collateral to avail required funds for personal or business usage and not necessarily to purchase any property.
IDFC FIRST Bank Loan Against Property features
Take a look at some of the key features of IDFC FIRST Bank’s mortgage loans:
- Get loan proceeds of up to ₹15 crores with repayment tenure going as high as 25 years
- Get up to 80% financing of your property’s value
- Loan against rental income (Lease Rental Discounting) or for buying any commercial property (LCP) or plot
- Option to transfer your existing loan to IDFC FIRST Bank with a top-up at competitive interest rates
- Attractive loan against property interest rates starting from 9.5% per annum, designed to suit your cash flow needs
IDFC FIRST Bank’s Loan Against Property is a suitable choice for entrepreneurs, business owners, or individuals needing large funds for non-housing purposes.
Your property is not just an asset; it is a powerful financial tool. The key lies in selecting the correct loan option to unlock its actual potential.
Home loan or loan against property – Breaking down the differences
In a dilemma? Unable to decide between a home loan and a loan against property? Here’s a quick comparison.
Basis |
Home loan |
Mortgage loan (loan against property) |
Purpose |
Buying, building, or renovating a home |
Financing business, education, medical needs, etc. |
Collateral |
The home that is being bought |
Any owned property (residential or commercial) |
Ownership |
You acquire a new asset |
You leverage an existing one |
Loan amount |
Based on property cost and income |
Based on the current market value of owned property |
Disbursement |
Usually in phases (for under-construction homes) |
Lump-sum disbursal |
Usage restriction |
Restricted to property-related use |
Flexible usage |
Loan tenure |
Up to 30 years |
Up to 25 years |
Choose smartly, borrow wisely!
Both home loans and mortgage loans (loan against property) are valuable financial products. But they serve different goals.
Zero-in on a home loan if you are looking to purchase, construct or renovate a home. Enjoy personalised terms, top-up benefits, and a completely digital process.
Mortgage loan can be opted for if you need funds for business expansion, education or emergency needs. You can get loan proceeds up to ₹15 crores, longer repayment tenures and a loan against rental income or commercial property.
IDFC FIRST Bank offers competitive options in both categories, making property ownership and asset monetisation simple, transparent, and tailored to your financial journey.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
