Home loan is the money that a bank or NBFC loans to the borrower on interest for purchase of property, and construction, an extension of an existing property. Lending institutions offer a loan, but home or property will be the collateral for the loan. In case of default or non-payment of the loan, lenders can liquidate the property and recover the spend loan amount. The payment can only be made directly to the builder or seller of the property. There are various factors that influence your home loan eligibility.
The infographic below explains the factors that influence home loan eligibility.
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