POOJA (ARTICLE ASSISTANT) 01 January 2024

mortgage loan or housing loan

from legal point few in case of default in loan happenes by chance then which loan is good to take mortgage loan or housing loan??

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Quick Summary

This discussion clarifies the relationship between mortgage loans and housing loans, explaining that a home loan is a type of mortgage loan. It addresses a user's query about the implications of loan default, noting that a mortgage involves using property as collateral. The response suggests the original question was unclear and advises seeking legal counsel for specific situations.

2 Replies

T. Kalaiselvan, Advocate (Advocate) 01 January 2024

Your question is not understood.

The home loan is also considered as mortgage loan.

What is default even before loan is granted?

Dr. J C Vashista (Advocate ) 02 January 2024

When you intend to take a loan (any type of loan such as home loan, eductation loan, vehicle loan etc.) and a property is deposited for collateral security, it is termed as "mortgage".

What are the facts vis-a-vis your query, it is vague and not understood. Redraft or consult a local prudent lawyer, if it is a real story.