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Home Loans |
Home loan is a loan provided by a financial institution to finance the purchase/construction/renovation
of a residential property. Owning a house or residential property is generally considered
to be an appreciating asset and a long term investment and one of the most important
and aspirational financial decisions for an individual. Given that it is almost
impossible to make a full payment of a house from existing savings, most individuals
opt for long term home loans from Banks and Financial Institutions.
Typical features of a home loan are:
- Home loans are typically long-term loans, with repayment periods up to 20 years
- The house financed is mortgaged with the bank providing the loan
- They have lower interest rates compared to most other loans
- You get tax benefits on loan repayment
- There is an option of Fixed and Floating interest rates
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