Equity Loan or Term Loan is basically taking a loan from your bank secured by your property. It is only applicale when your loan outstanding over the valuation of the property is below 80%
Customer take up a Equity Loan or Term Loan because they may want to use it to purchase something they desire or to invest it since the interest rate of the housing loan is low. Typically if you take up a PERSONAL loan, you may pay up to 12% or more interest per year, however, if you take up a Equity Loan or Term Loan, the interest is only 1 – 2 %
Call us or email us now and we explain to you in detail how Equity and Term Loans work.