There is a well-known
saying a home is constructing by heart, but a house is constructing of bricks.
Today the rates of property touching the sky, it is impossible to buy their own
house for a salaried person. Now a day, with the help of various lending
institutions buying their own house is easy. There are several types of loans
available in the market. Home loan is the one of these loans. Home loans
offered by various banks to the people who wish to purchase their dream house.
Banks also provide some home loan scheme packages to the person who wishes to
take home at the lowest interest rates. Today availing home loan is extremely
easy.
Now, after getting the
home loan person has to repay the loan in EMIs. What is EMI? EMI means Equated
Monthly installments. EMI is the amount to pay every month
to the Bank or any other lending institution until the amount of the loan gets
totally repaid. The loan repayment period varies up to 60 months. Home loan is
availed by many people such as renovation of home, reconstruction of home and
purchasing a new home. These loans are available in two types: Unsecured home
loan and Secured home loan.
Unsecured home loan
means person needs not to give any security to the bank as collateral. Interest
rates will be higher than secured loan.
Secured home loan means
the person has to give property or assets as collateral. Banks need your
security because in any case, if a person would not be able to repay the loan,
bank sells their property. Interest rates in secured loan are reasonable as
compared to unsecured loan.
Today various banks
like SBI , PNB , HDFC Home Loan
and ICICI provides home loan at quite easy EMIs. It helps the person to repay
the loan in easy installments. A Person can also calculate EMIs on the EMI
calculator.
A Person should keep certain things in mind, before applying for
home loan.
1.
The person should be above 24 years.
2.
The person should have their own house.
3.
The person should have their PAN card,
Identity proof and Residence proof.
4.
Bank statement required for availing
home loan.
Now days, home loans
becomes hugely popular in India. It is because buying property in this country
of 100 crore, people think that it is a large deal.
