A housing loan, commonly known as a home loan, is the type of Loan that a person gets from any bank or financial organization by keeping the residential or commercial property as collateral with the financial organization. The Loan has a low-interest rate when compared to a personal loan or a gold loan and can be taken for an extended period of time which may extend up to 20 years. The Loan requires a monthly payment known as EMI for the tenure to make the repayment. The Home Loan can be provided to both salaried people and business owners, but the loan approved is higher for the business owners. There are various incentives which are affiliated with getting a home loan, some of which are stated as follows:
In some cases, banks and the financial organisation provides up to 90% of the property cost as a loan.
Tax benefits can be claimed if a person takes a home loan.
If the EMI is paid on time, it helps in increasing the creditworthiness of the borrower, which allows them to get easy loans in the future.
Home loan refinancing opportunities are available.
The financial organisation provides a free EMI calculator, which helps the beneficiary to know well in advance about the repayment amount to be paid every month.
The borrower also needs to meet all the eligibility criteria to get a home loan, including credit score, employment history, salary, bank balance, property papers, and much more.
Large repayment tenure.
Low interest rates when compared to unsecured loans and much more.
Home loans can be applied easily by just filling the online application.
The document required for home loan includes property papers, KYC documents, and signed blank cheques.
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