| What is a Home loan? |
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| Written by Site Administrator |
| Tuesday, 27 October 2009 16:06 |
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A home loan is an amount that you borrow from a Bank or a Financial Institution to build or buy yourself a home. The amount is generally lent on a long term basis, that is you repay the principal and the interest in the form of Equated Monthly Installments over a period of 10, 15, 20 or 30 years. The bank will hold the Title Deed of your home as surety till the complete amount along with interest is repaid. The amount you get as loan will depend on your credit profile. Your EMI and the tenure of the loan are decided in mutual concern based on your capacity to repay the loan and the no. of years of service you have left in your employment. Comments (0) |