Home loan is a kind of loan that people acquire to fund the construction of own house or purchase a property.With the rising prices of real estate, home loans have become a necessity among all Indians aspiring to have a house of their own. One can even take home loans to buy a plot of land and construct a house, which is termed as “composite loan”. Most lenders in India normally provide home loans against 80 percent cost of the property but for the proposals below 30 lacs the lender can even choose to fund 90 percent cost of the property and the remaining part is to be paid by the borrower.It is important to plan your budget well in advance if you are planning to acquire a house as there are stamp duty and registration costs which are not funded by the Lending Institution.These loans are usually repaid in monthly installments, better known as EMI over a span of ten to twenty years depending on the sanction conditions of the lending Institution but some Financiers are even funding up to thirty years. Usually, the tenure depends on the age of the borrower and is fixed in a way that the loan amount is repaid before the borrower hits retirement.
The most important point to look in to while deciding on your home loan application is choosing from fixed and floating rates as the same will have a very strong and lasting implication on your finances.A fixed interest rate means that you will have to pay same EMI over a period of time. Floating interest rates may change at any given point of time due to the market dynamics and rate policies of the Lender Institution, which may result increase or decrease in either your home loan EMI or your tenure.
Mymoneymarkt in association with almost all the private banks,MNC banks and NBFC brings a wide range of options to suit your requirements.