A home loan is an amount an individual borrows from a financial institution such as a housing finance company to buy a new or a resale home, construct a home or renovate or extend an existing one. The money is borrowed at a specific interest rate and repaid within a particular duration in smaller instalments known as EMIs (Equated monthly instalments).
Since the home loan is a secured loan given to build or buy a house, the lending institution will hold the original property related documents until the loan amount is fully repaid along with interest.
Owning a home is a universal goal, and a home loan is the bridge that turns that goal into reality. The essence of a home loan lies in its extended repayment period, affordable interest rates, substantial loan amounts, tax benefits, and the absence of prepayment penalties. It's the key that unlocks the door to your dream home.