Home Loan

What is Home Loan?

A home loan or house loan, also known as mortgage simply means a sum of money borrowed by an individual, or company from a bank or financial

institution to purchase a house and EMI calculated by home loan emi calculator.

Home loans consist of an adjustable interest rate and repayment terms.

People take a HL for either buying or constructing a house, or renovation, extension and repair of the existing house.

Home loan emi calculator calculate the loan eligibility on the borrowers financial base.

The borrower has to pay back the loan amount with interest in easy monthly installment or EMI’s over a period of time depending on the nature of the

loan.

The property mortgaged with lender till the repayment of the loan.

The bank and the financial institution hold the title deed of the property till the loan has been paid.

Non Resident Indian (NRI) can also avail their home loan through this platform

There are some different kinds of home loan you can take from bank or financial institution.

Home purchase loan – you can by any house or home within your budget.

Plot + Construction loan –you can use this loan to buy a plot or a piece of land and construct your own house or home.

Home improvement & repair loan – you can use this loan to renovate and improve your home or house.

Extension loan – you can use this loan to increase space at your home.

Borrowers can switch there outstanding loan amount with different lender for better terms and conditions and lowest rate of interest.

Top-up loan provide on basis of clear repayment of the existing loan and current market value of the property this kind of loan helps to borrows

borrow some money above the outstanding loan amount on attractive rate of interest for personal use.

The tenor for a home loan can be as long as 25-30 years it is depend on the age of borrowers and Property.