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A home loan is a secured loan that is acquired for the purpose of buying a property by pledging the asset as security. House loans provide high-value financing with reasonable interest rates and lengthy terms. The borrower receives the title to the property back after repayment.
The funds are borrowed at a certain interest rate and repaid in EMIs, or equal monthly instalments, within a predetermined time frame (Equated monthly installments).
If the borrower is unable to pay back the loan, the lender has the legal authority to recoup the debt by selling the relevant property. In some countries, a home loan is also called a mortgage.
Definition of a Home Loan: The loan that a person takes from a financial institution, such as a housing finance company, to build a home, modify an existing home, or expand it is called a home loan.
In India, financial organizations provide a variety of housing loans to meet the various demands of their clients, some of them are:
Institutions take a risk while giving out loans, they always try to minimize this by checking a variety of factors. Here’s a list of some of them:
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