Home Loan

Man's basic needs are food, clothing and shelter. Everybody desires to have a home of their own and a few are fortunate to have it. Today, buying your own home is not just a basic need but also brings along a sense of pride, achievement, freedom and security. Deciding to buy a home is one of the biggest steps one can take in life and for most of us it'll be the one of the biggest investment decisions. So it's imperative to make sure it is done wisely as there are so many things to take into account when you buy a home.

. A home loan is an amount of money borrowed by an individual to pay for a property, from a home finance institution and he further repays it to the bank in Equated Monthly Installments (EMI's). The financial institution charges a nominal interest rate plus a few other charges for the deal. This is a secured loan as in actuality the property is bought by the bank in favour of the borrower, thus making the bank a conditional owner of the property. The rate of interest for home loan varies from one bank to another and along with it varies other charges and conditions. Although, the major conditions are same in all the banks which are set in accordance to the RBI guidelines.

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