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Features of Home Loan

Features of Home loan

Home loan is a product financed by banks to buy a house for a consumer. There are fixed rates, floating rates, and reducing interest rates available for such loans. Home Loans have gotten popular over the last decade. Today ninety percent (90%) of homes purchased in major Indian cities are funded by a home loan. The variation in interest rate between banks is not as high as that for personal loans, but since a home loan typically lasts for between 10-20 years, even a difference of half a percent can make a huge difference in the final amount you end up paying to the bank. Home loans are provided based on the market value, mainly estimation given by banks or the registration value of the property. Availing various types of house loans to suit one’s individual needs at the lowest rates & easy financing can now fulfill the need for a house of his/her.

  • It is available for the purchase of house from builder / resale and construction extension of existing house.
  • One can avail for Home loans ranging from Rs.2 lakh to Rs.200 lakh depending on eligibility, income and repayment capacity.
  • Home loan is a secured loan wherein collateral are required.
  • The maximum tenure of the loan is 20 years.

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