It's the loan for buying a property (Home/house/flat). Additionally, there are sub- categories of home loans which are as follows.
There are different variant of home loans other than above.
The loan granted for your personal expenses (buying some expensive electronic gadgets to booking your air tickets) is called as Personal Loan. The rate of interest on such loans are on the higher side than other types of loans. There are two types of loans:
where you provide some collateral as a Car Loan or Vehicle Loan A secured loan where collateral is the vehicle. In case of default (not paying the EMI on time), the lender/bank may recover it by taking back the vehicle.
Education loan is provided for perusing higher education.
Loan against gold is called as Gold Loan. This is one of the easiest and fastest way of loan.
You can use your insurance investment as either collateral or take loan from insurer itself if that policy is eligible for loan. Usually loans will be available after 3 years of policy period.
You will get loan easily on your policy from insurer. But other method to take loan is to pledge your policy document with banks and take loan on that.
You can avail loan from PPF when one satisfies certain conditions.
You can avail loan from EPF only for special purposes like purchase of plot, medical treatment, education or marriage of children, construction or purchase of house, re- payment of home loan, and renovation of home or pre-retirement depending on the eligibility criteria set by the government. There are certain conditions like minimum years of completion, age or proof you need to produce.
It is loan against your investment value of shares or mutual funds.