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Home Loan

Home Loan

A home loan can be defined as the amount of money borrowed by an individual from either a bank or a financial institution at a specified rate of interest. The money borrowed should be paid back on the basis of equated monthly instalments (EMI) within the agreed time period. Often, the borrower offers the property as collateral security for the money advanced by the lender for buying the home. The property may be a personal or commercial property. If the borrower fails to repay the loan amount, the lender can legally recover the outstanding amount by selling the property that was offered as collateral security.


  • CAPITAL APPRECIATION : In the longer-term, the property prices will only increase and not depreciate.
  • CREDIT ELIGIBILITY INCREASES : Once you have paid off the mortgage and have achieved the complete ownership of your house, you can avail loans against it.
  • HELPS IN BUILDING GOOD CREDIT HISTORY : A mortgage is generally considered to be a good debt, unlike credit card debt, as it is linked to an asset.
  • TAX BENEFITS : A home loan comes with several tax benefits. Deduction can be availed for the interest paid on home loan, interest paid during pre-construction period, principal repaid, and registration and stamp duty charges. People buying their first home and availing joint home loans are also eligible for certain benefits.