What is a Home Loan?
A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest to be paid with the EMI every month. The property is taken as a security by the money lending company for the Home Loan.The property can either be commercial or personal in nature. When the borrower cannot pay the dues, the lender will possess all the legal rights to recover the outstanding loan amount by sale of the property in question.
Who can get a Home Loan?
|Eligible Age of Borrower||18 – 70 years|
|Minimum Eligible Income||Rs. 25,000 and above|
|Work Experience for Salaried||2 years|
|Business Stability for Self Employed||5 years|
|Loan Amount Eligibility||Rs. 15 Lakh to Rs. 10 Cr|
|Maximum loan as percent of property value||Upto 90%|
|Maximum EMI as percent of income||Up to 65%|