A home loan (housing loan/mortgage loan) is a secured facility where a bank, HFC, or NBFC provides funds for purchasing, constructing, renovating, or extending residential property. The property serves as collateral with the lender holding a mortgage until full repayment.
Home loans offer tenures up to 30 years with interest rates currently 8-10% p.a. (floating). Maximum loan amount depends on income, credit score, property value, and LTV ratio — currently up to 90% for loans up to ₹30 lakhs.
Tax benefits include deductions under Section 80C (₹1.5 lakh principal) and Section 24(b) (₹2 lakh interest). Joint borrowers can claim individually.
A home loan is often the largest financial commitment an individual makes. Understanding the product, terms, and processes ensures the best deal and effective management of this major asset.
Nihal Fintech specializes in home loans, offering clients competitive rates from multiple banking partners. We guide from eligibility assessment through disbursement for a hassle-free experience.
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