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Collateral/Security

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Collateral/Security: Since The Home Loan Amount Typically Ranges Between Lakhs And Crores, Lenders Require Some Sort Of Asset As Security In Case One Is Unable To Repay The Loan. This Is Known As Collateral. The Term Security Is Also Used Interchangeably For Collateral Since The Lender Uses The Pledged Asset As Security If One Defaults In Repaying The Loan Amount. A Home Loan Provided Against Collateral Typically Comes With A Lower Interest Rate As The Collateral Serves As Protection For The Lender. In Case Of A Home Loan, The Property For Which The Loan Is Provided Is Generally Regarded As Security. This Gives The Lender The Legal Right To Recover The Outstanding Amount Of The Loan By Selling Off The Property In Question If A Borrower Defaults In Repaying The Loan.

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