A home loan, also known as a mortgage, is a financial product that enables individuals to borrow money from a bank or lender to purchase or construct a house. The loan is repaid in installments over a fixed tenure with interest. It offers flexible repayment options and often includes tax benefits on both principal and interest.
Get deductions on principal and interest under Sections 80C and 24(b), reducing your overall tax liability and making homeownership more affordable.
Enables you to purchase a home with limited savings by spreading the cost over years, turning your dream of homeownership into reality.
Property values tend to rise over time, offering good long-term returns and increasing your net worth.
Lenders offer various tenures and EMI plans, helping you choose a repayment structure that suits your financial situation.
Banks offer loans covering up to 80–90% of the property value, minimizing the need for upfront funds.
Adding a co-applicant can increase loan eligibility and provide shared tax benefits on interest and principal payments.
Used to buy a new or pre-owned residential property. The loan covers a significant portion of the property's cost, with the rest paid as a down payment by the borrower. Interest rates can be fixed or floating.
Offered for building a house on a plot already owned by the borrower. The loan is disbursed in stages based on construction progress, requiring detailed cost estimates and building plans.
Helps finance renovation or repair work on an existing home. Funds can be used for remodeling, painting, flooring, plumbing, or electrical upgrades, and are disbursed as a lump sum or in parts.
Supports expanding a current residential property, such as adding extra rooms or floors. The process is similar to a construction loan, requiring approvals and estimates for the extension work.
Used to purchase a residential plot of land. The loan typically covers 70–85% of the land’s cost and is suitable for those planning to build a home in the future.
An additional loan amount offered over and above an existing home loan. It can be used for personal or housing-related needs, usually at lower interest rates compared to personal loans.
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