An Overview

People generally have two options when it comes to where they live and ultimately call home. One is to rent a home that someone else owns and the other is to purchase a home for themselves. Home is not only a place to live but also a reflection of who we are. Buying a house is a milestone decision of the life.

People who decide to buy a house often do so because they are ready to settle down in one location and are ready to make a financial investment. When a person has the money to buy a home it may also be less expensive over time than renting. This is where home loan comes into assistance.

Applying for a home loan can be an instant solution to the house-related financial crunch. Further all the banks and Financial Institutions are eager to offer loans at a very premium rate of interest. Also the government of India is pushing their objective of home ownership by way of subsidies on affordable home segment to first time home buyers.

A home loan or housing loan is an amount borrowed by individuals for a fixed tenure from financial institutions to buy, construct, repair or renovate a residential property. The Bank/NBFC charge an interest on the amount borrowed, which has to be paid by the borrowers along with the principal amount which is termed as Equated Monthly Installment (EMI).

The bank provides home loan to the borrower on certain terms and conditions .Banks/ NBFC get the property valued independently and provide the loan on the basis of re-payment capacity of the borrower, also considering the property value and the agreement/Registry amount of the property being purchased. Usually the final sanction amount is lowest of these 3 values.

Contact us now to apply for a home loan…