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Home Loan : All about Home Loan – What is Home Loan? And How Can You Get a Home Loan?

All Information About Home Loan is Described in this article. Read this article to know more.

Home Loan: We have mentioned in this article about the details related to Home Loan. We will tell you all the detailed information about Home Loan from this article of our today. Get help for your home construction, edition or purchase of residential property through Home Loan. Through Home Loan, the authorities will give you a loan against certain collateral. Through which you can purchase residential property or build or edit your home.

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We are mentioning some basic information about Home Loan from this article. A Home Loan has several advantages and disadvantages. From this article you will know about all these advantages and disadvantages. So let’s know all the details related to Home Loan without further delay.

Home Loan

Usually people take home loan to buy house or flat. Also, many people take home loan for building residential property or buying land. Also many take home loan for renovating or repairing their own house or flat.

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The home loan borrower has to repay the money with interest or pay EMI as per the specific rules of the bank or financial company. Different financial companies have different rules or procedures.

Differences Of Home Loan

There are several types of Home Loans. It is divided in various ways on the basis of need. Home loan is divided into different categories based on how the borrower wants to use the money. These types are-

  • Home loan
  • Home extension loan
  • Home renovation loan
  • Loan against property
  • Construction loans
  • Non-residential premises loan
  • Plot loan
  • Mortgage Loan
  • Home loan balance transfer etc.

If you want to take Home Loan from any financial institution then you must know these types. Home Loan should be taken keeping in view every aspect.

Features Of Home Loan

Interest rate is not the only consideration while taking home loan. Whenever you want to apply or take a home loan, there are several aspects that you need to look at.

Other features associated with your loan are also important. Before accepting the loan, you need to know all the terms and conditions in detail. After knowing all the conditions and features well, apply for Home Loan

Advantage of Home Loan

Home Loan has several advantages. Home Loan facilities are mentioned below.

  • Home Loan is provided only for the purpose of new home construction, home extension, home renovation or purchase of a home building property.
  • Loan to value ratio is very high with home loans. A borrower can borrow up to 90% of the value of his particular property.
  • The processing fee of A&M is 0.8% to 1.2% of normal loan.
  • Home loan interest rates are lower than mortgage loan interest rates.
  • Home Loan is provided to a borrower for a maximum tenure of 30 years.

Disadvantages of Home Loan
There may be several problems in taking Home Loan. Along with many advantages of Home Loan, several disadvantages can also be noticed. Disadvantages of Home Loan are mentioned below.

  • Actual Cost of Property
  • Loss of HRA Components
  • Volatile Interest Rate Movement
  • Home loan is a long term commitment
  • Opportunity Lost

All these information must be known before taking Home Loan. Everyone should take Home Loan after knowing all the information.

Is Home Loan a Better Option?

Experts feel that it is better to take a home loan for those who can afford to buy a large property. It is better to go for a lump sum down payment and pay off the remaining amount in lump sum or monthly EMIs instead of spending a lot of money.

Home Loan vs Mortgage Loan

By taking Home Loan, you can use it only for house construction work. There is no opportunity to spend the money received from the home loan in any other case. If you do, the financial company that gave you the money can take action against you.

If you want to use the loan for other purposes, then mortgage loan can be a good option for you.

Akash

I am Akash Mahmud and I am a Graduate. I love to write articles. I am friendly and helpful. You will get your required information here. Keep Supporting Us.

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