Home Loan
A home loan is a loan from a financial institution that allows you to purchase or renovate a home. It's a type of secured loan, which means the home itself is used as collateral.
How it works
You borrow money from a bank or financial institution
The home you purchase or plan to construct is used as collateral
You make monthly payments, called equated monthly installments (EMIs), to repay the loan
After you've made all the payments, the home is yours
Benefits
Home loans can offer tax benefits, such as deductions on interest and principal repayments
They can also help you build equity in your home
Eligibility
You'll need to meet certain eligibility criteria, such as:
Being at least 21 and less than 65 years old
Having a good credit score
Having a stable job or steady source of income
Having a clear title to the property you plan to purchase or build
Types of home loans Fixed-rate home loans, Floating-rate home loans, Hybrid home loans, Home renovation loans, and Home construction loans.
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