A home loan is a secured loan provided by banks or financial institutions to individuals for purchasing, constructing, or renovating a residential property. The property itself acts as collateral for the loan.
| Purpose | Buying a new home, constructing or renovating property, land purchase |
|---|---|
| Loan Amount | ₹5 lakhs to ₹5 crores (may vary by lender) |
| Tenure | 5 to 30 years (depending on lender and borrower) |
| Interest Rate | 7% to 12% p.a. (based on credit profile and market rates) |
| Security | Property itself (secured loan) |
| Repayment | EMIs (Equated Monthly Installments) |
| Processing Time | Typically 7–15 days (may vary) |