Understanding Home Loans in India
A home loan is a loan taken by an individual to finance their home. Like any other loan, home loans are offered by banks and financial institutions for a set tenure at a rate of interest. The borrower must repay the loan in the form of Equated Monthly Installments or EMIs every month as the name suggests. Depending on the loan amount, interest rate, and repayment schedule repayment tenure may go up to 30 years. Eligibility The eligibility criteria for home loans change with the financial institutions. However, certain criteria remain the same for all. The minimum and maximum ages…