About New Home Loan
For most people, buying a house is like the biggest dream or achievement. It requires a lot of effort from a buyer to accommodate the home in their budget and the best they can do is through a home loan.
A home loan or a mortgage loan is an amount of money borrowed by a person from banks or registered finance companies that lends money. You can take a home loan to buy a new home or land where you construct your house, and also for renovation, extension, and repairs to your existing house.
Your home loan is secured against the property that you buy. This designates that in case you are unable to repay the loan, the lending bank will have the right to take possession of your habitation.
The borrower has to pay back the loan in EMI’s with interest over a period of time given which can vary between 10-30 years depending on the loan.