A home loan is an amount of money that an individual borrows from a bank or NBFCs at a certain rate of interest to be paid with the EMI every month. The property is taken as security by the money lending company for the home loan.

Types of home loan:

•         Home Purchase Loan: This is the loan that one takes for purchasing a home
•         Home Improvement Loan: This loan covers expenditure related to repair of home or even renovating
•         Home construction Loan: This loan comes in handy when you are building a new house

·         Land purchase Loan: Someone wishing to buy a plot of land for constructing his/her own house can avail this loan.