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

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  • November 15, 2014 at 10:41 pm #48474
    samkapoor77
    Keymaster

    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?

    November 17, 2014 at 6:07 pm #48475
    samkapoor77
    Keymaster

    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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