Home Loan
What is a Home Loan?
A home loan is a financial product offered by banks and other lending institutions to help individuals purchase, construct, or renovate a residential property. The borrower receives a lump sum amount from the lender and agrees to repay it over time through monthly instalments (EMIs), which include both the principal and interest.
Home loans are typically secured loans, meaning the property being purchased serves as collateral until the loan is fully repaid. The repayment period can range from a few years up to 30 years, depending on the lender and borrower’s eligibility.
Home loans make it possible for individuals to buy a home without having to pay the full cost upfront, turning a large expense into manageable payments over time.