home Loan
Home Loan
A home loan or housing
loan is an amount borrowed by individuals for a fixed tenure from financial
institutions to buy, construct, repair or renovate a residential property. The
Bank/NBFC charge an interest on the amount borrowed, which has to be paid by
the borrowers along with the principal amount which is termed as Equated
Monthly Installment (EMI).
The bank provides home loan to the borrower on certain terms and conditions
.Banks/ NBFC get the property valued independently and provide the loan on the
basis of re-payment capacity of the borrower, also considering the property
value and the agreement/Registry amount of the property being purchased.
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