HOUSING AND HOME LOANS
- Home loans are secured loans that are utilized to purchase land or property.
- Some common types of home loans available in India are, for purchase of a flat in an apartment complex, purchase of an individual house, purchase of land/plot, construction of a house on own land/land, for home improvement/extension etc.
- Currently Home Loan interest rate starts at 8.35% p.a. Most Banks & NBFCs sanction 75% to 90% of property’s value as home loans
- Home loans are long-term loans and the loan tenure can range from 10 years to as long as 25 years.
- The loan needs to be repaid in Equated Monthly Installment (EMIs).