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HOME LOANS

A Home Loan is a secured loan product where the lender provides finances for the purchase or construction of a residential/commercial property. One can also avail a housing loan to buy a plot of land and construct on it. Home Loans are also issued to extend / repair / renovate / alter a new or secon-hand property.

The Home Loan is taken by a borrower against the property/security to be bought. This is done by giving the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property.

HOME LOAN ELIGIBILITY CRITERIA:

Home Loan eligibility depends upon various factors. A few of them are listed here.

Income - Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.50.

Tenure - The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI.

Age - Your age will determine your home loan tenure and hence your eligibility.

Interest Rate offered - Banks offer Fixed and Floating Rates of Interest. If your interest rates are on a lower side, then the loan eligibility will be higher.

CIBIL Score - Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.

HOME LOAN INTEREST RATES:

Home Loan in India can primarily be classified into two based on interest rates: fixed rate and floating rate of interest

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HOME LOANS