A home loan is a huge amount of money that a person borrows from a money lending company or from a bank at a certain rate of interest to be paid with EMI every month. This property is taken as a security by the money lending company for the home loan and property purchase. The property can either be personal or commercial in nature. When the borrower cannot pay the dues, then the lender will possess all the legal rights to recover the outstanding loan amount by the sale of the property in question.
Key Facts about Home Loan & Property Purchase
Home first or loan first
The total cost of your home loan
Home Loan & Property Purchase Eligibility Criteria
The first step you need to make sure you are qualified for a housing loan. At the beginning leaders will assess your eligibility for a home loan on the basis of your repayment capacity and income.
The other important include the financial position, age, spouse income, qualification and job stability.