Home Equity Loans Are The Loans Which Are Given To The Borrower In Just One Lump Sum With Not A Very Rigid Rate Of Interest But The Monthly Months Are Actually Invariable In Nature And Cant Be Ignored By The Borrower. Whereas In Home Equity Line Of Credit (HELOC) Is More Flexible, Where The Borrower Can Keep Withdrawing The Loan Amount As Per His Needs Until He Reaches The Limit Of His Credit Sanctioned To Him By The Lender. Also The Period Over Which The Borrower Can Withdraw The Loan Amount With His Credit Card Or Checks, Is Also Decided By The Lender.The Home Equity Line Of Credit Provides With Several Facilities, It Also Can Also Be Used As Collateral For Purchasing A Home, Buying A Dream Car, Educational Expenses Etc. The PMIs Are Very Much Tax Deductible In Case Of HELOC.The Home Loans Are Really Famous Among All The Different Kinds Of Loans, And Because Of This High Popularity These Loans Are In High Demand Among People. More And More Borrower Are Looking Forward To Acquiring Home Loans. These Loans Are Attracting More And More Borrower Because Of The Sole Reason That These Loans Have Been Designed And Their Schemes Have Been Scheduled Keeping In Mind The Needs Of The Borrowers And Their Capacity To Afford, Their Ability To Pay Off Such Loans And Also All Other Facts That Concern The Borrower. The Borrower In These Loans Is Usually Encouraged To Only Borrow What He Or She At That Point Really Needs. Amount Of The Interest Is On The Amount That The Borrower Has Withdrawn And Not Sanctioned. This Is Feasible As Most Of The Time The Borrowers End Up Paying For More Than What They Are Actually Supposed To Pay For. The Most Interesting And Distinguishing Feature Of These Loans Is That The Interest May Be Tax Deductible. Rates Of Interest Can However Change, And The Maximum Interest Rate Is Normally Very High. Payments To Be Made However Can Be Changed.
