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Home Loan FAQs
What is a home loan?
The amount of money borrowed from a financial institution to buy, build, or remodel a home is known as a home loan. The loan is paid back by the borrower in interest-bearing monthly installments.
What are the types of home loans available?
- Home Purchase Loan – For buying a new or resale home.
- Home Construction Loan – For constructing a house on owned land.
- Home Improvement Loan – For renovating or repairing an existing house.
- Home Extension Loan – For adding more space to an existing home.
- Balance Transfer Loan – Transfer an existing loan to another lender for better terms.
What is the eligibility criteria for a home loan?
Eligibility depends on factors like:
- Existing financial obligations
- Age (usually 21-65 years)
- Income and employment stability
- Credit score (generally 700+ is preferred)
How much home loan can I get?
Depending on your financial profile, creditworthiness, and income, lenders usually provide between 75 and 90 percent of the property value.
What is the tenure of a home loan?
The length of a home loan is five to thirty years. A longer tenure results in higher total interest paid but lower monthly payments.