A house door with your name on it is the ultimate dream of any person. It is very difficult to own your own house in our country & also owning your own house is considered as one of the major signs of success.
A house loan or home loan simply means a sum of money borrowed from a financial institution or bank to purchase a house. The interest rates of home loan can be floating or fixed or partly fixed & or partly floating.
The property is mortgaged to the lender as a security till the repayment of the loan.
The price of property is increasing day by day, irrespective of urban and rural areas. Thus it becomes highly impossible for a common man to buy a house only with his or her savings. This has lead to an increase and extreme popularity in purchasing home loans from banks and NBFCs to live in a dream. Home loans are the highest selling banking product. It also assures a stronger and longer relationship with your bank. The borrower/s are supposed to pay off the principal amount of loan with the interest in the given tenure