A home loan, also known as a mortgage, is a sum of money borrowed from a financial institution to purchase a property. The home itself serves as collateral, meaning if you fail to make payments, the lender can seize the property. Sounds scary? It can be, but understanding how home loans work will give you the confidence to make informed decisions. So, let's dive in!
Why would anyone want to borrow money to buy a house? Well, most people don’t have a pile of cash lying around to buy a home outright. A home loan allows you to break down the enormous cost into manageable monthly payments, making it possible to own your dream home without needing to win the lottery.
Landed your first job? Then buying a home isn't a dream far away! Set your hefty EMI worries aside and start small with a Step Up Home Loan.
Move into your dream home with a Step Down Home Loan. By easing your debt burden with higher payments now, you can smoothly transition to lower EMIs after retirement.
With an Extended Tenure Home Loan, you enjoy the flexibility of a loan repayment term of up to 25 years* and enhance your eligibility by including a working co-applicant on your home loan application.
