What is Home Loan " the purpose of Housing Finance?
✅ What is Home Loan? What is the purpose of Housing Finance? A Home Loan is an organised financing solution to buy a plot, home or develop/ construct/ renovate the existing residential unit. The property in the deal acts collateral and therefore home loans are essentially secured loans. The rate of interest is also attractive for Home Loans, compared to other types of loans. The loan amount is available as Loan-To-Property Value and that too for a long tenure ranging from 10 to 30 years, offering maximum ease of repayment to the borrower. You can apply online or offline for Home Loan in India now. There are exclusive tax benefits available on Home Loans, besides PMAY CLSS for the first time home owners. ✅ What are basic eligibility criteria for Home Loan? To be eligible to apply for a Home Loan in India, the applicant (s) needs to prove the repayment capacity. Mainly factors such as age, income, employment status, place of residence, and property value are considered by lenders to as