Home Loans are just what a Salaried Individual or a Professional / Business Owner/ Co-Owner needs to settle down to life’s most basic and pleasant need – Home. Purchasing Land / Constructing Building on a Pre-Owned Land or Buying a new Flat in a Complex, what ever it may be with expanding populations the need for homes are ever expanding.
Applicants for a Home Loan must fulfill certain criteria’s before the Loan can be processed mostly being Land Papers and Income Proofs.
Home Loans generally have a Lower Interest Rate compared to Personal Loans and Unsecured Loans.
Certain Banks have pre-sanctioned Home Loans which an Applicant can avail if he or she fulfills the required criteria.
The Loan Tenure and Interest Rates are mostly dependent upon the Location of the Land, the Age and Income Status of the Applicant.