A home loan gives by a financial institution or bank for property purchase. You can buy, construct, renovate, extend your house with this money and repay it gradually within the chosen time period. Home loans have the lowest home loan interest rate which up to for 30 years. It's secured against your property, and in case of failed repayment, the lender can use it for debt settlement. To get the privileges you should fit on a bank’s few criteria like income, credit history, property value or location, income proof, and property documents. The maximum loan amount depends on property value, total repayment, and factors as mentioned. There is a tax exemption on a home loan as well which is it’s the biggest advantage along with PMAY interest subsidy for first-time borrowers. So, to select one lender, you can compare different lenders on the basis of interest rate, tenure, and loan amount.
