Need A Financial Product Forums Loans Difference between equity home loan and mortgage home loan

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  • #48474

    I want to apply for a home loan with HDFC Ltd. I have come across the term ?equity home loan’. Is it in any way different from mortgage home loan? Can I borrow equity home loan for purchasing my first house?

    #48475

    Sudhir Nagar
    Member

    When you mortgage a property that is already there on your loan, it is called as equity home loan. Mortgage home loan is the normal housing loan which we talk in general. Logically, you cannot borrow equity home loan for purchasing first house.

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