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.
Frequently Asked Questions
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.
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