Introduction of Home Loan :
Everyone dreams of owning their own home. However, with the massive increase in property values, such a goal is only attainable by a select few. A home loan can be useful in this situation.
What is a Home Loan ?
A home loan, also known as a mortgage, is a type of loan that is typically used to finance the purchase of a house or property. It is a long-term loan provided by a lender, such as a bank or financial institution, to help individuals or families fulfill their dream of owning a home. The borrower agrees to repay the loan over a specified period of time, usually with interest added. The property being purchased is often used as collateral for the loan, which means that if the borrower fails to make the necessary payments, the lender may have the right to take possession of the property.
Money is borrowed at a certain interest rate and repaid over a set period of time in smaller installments known as EMIs (equated monthly installments).
