Advertisement
Advertisement
What is Home Loan ?
Home loan schemes are drafted for people who dream of purchasing their own house but fall short of the necessary financial resources. Most people possess the land for their potential property but do not have sufficient money to build their homes.
A home loan is described as a type of secured loan by which you can borrow money from the bank by offering your property as collateral. A bank will decide on your suitable home loan scheme, given you are eligible as a candidate. You may apply for a home loan for the following purposes concerning the type of loan offered by banks and NBFCs in India.
- Home purchase
- Home renovation and remodeling purpose
- Land/plot purchase
- House construction
- House improvement/extension
- House conversion.