A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. Home loans offer high-value funding at economical interest rates and for long tenors. They are repaid through EMIs. After repayment, the property's title is transferred back to the borrower.
Home loans typically have a set term, such as 15 or 30 years, during which the borrower makes monthly payments to repay the loan. The payments typically include both principal (the amount borrowed) and interest (the cost of borrowing the money). At the end of the term, the loan is fully repaid and the borrower owns the home outright.
The amount that a borrower can borrow for a home loan depends on a variety of factors, including their income, credit score, and the value of the home. Lenders will typically require that borrowers have a down payment of at least 3-20% of the home's purchase price.
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Banks and NBFCs usually offer personal loans for amounts ranging from Rs 10,000 to Rs 40 lakh. However, the personal loan amount you are eligible for would primarily depend on your loan repayment capacity.
A term loan is generally extended by a lender for a period with an agreed-upon repayment schedule subject to a fixed interest rate. Flexi personal loans allow you the flexibility to withdraw the amount you need from your approved loan limit, as many times you want, and as and when a need arises.
Though RBI mandates no prepayment/foreclosure charges for floating interest rate loans, personal loans or others with fixed interest rates are exempted from this rule. Banks charge anywhere between 4-5% of the outstanding loan amount as prepayment charges on personal loans.
Keep in mind that the specific requirements and processes for availing of a home loan may vary depending on the lender and the type of loan you are applying for. It's always a good idea to speak with a lender directly to get a clear understanding of what you need to do to apply for a home loan.
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