Need A Financial Product Forums Loans Which loan should I borrow ? personal loan or home loan

This topic contains 1 reply, has 2 voices, and was last updated by  Tikam Singh 1 year, 11 months ago.

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  • #47175

    Amit Kamath
    Member

    I want to buy a land. For that I need Rs. 15 lakhs loan. I will be able to repay the entire amount of loan in 4-5 years. I have heard that interest on personal loan is not compounded whereas this is the case with home loan. Should I take personal loan or home loan? What will you suggest?

    #47176

    Tikam Singh
    Member

    Interest on both the loans is compounded. Personal loans are always costlier than home loans. Therefore, you should opt for home loan. If you are not going to construct anything on that land, you will not get home loan for it.

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