Home Loan is the money borrowed by an individual from a bank or a financial institution to construct or purchase a home. It is a type of secured loan as money is borrowed against the property. The property will be kept as security by the lender until the repayment is complete. The interest rate for the Home loan varies from 8.4%- 12% in India.
To understand the process to apply for a home loan refer to the infographic given below.
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