All You Need To Know About Home Loan
Introduction Home is an essential part in everyone’s life since birth and childhood. Everyone dreams to have a living space of their own. Once in a lifetime requires loan to accomplish it and that is how the home loan comes into schemes of things. Buying a home is dream for everyone. Therefore the concept of home loan comes in existence. Loan can be acquired from a financial institution or banks. From this Presentation you came to know every detail about Home Loan.
Types of Home Loans 1. Home Purchase Loans 2. Home Construction Loans 3. Home Improvement Loans 4. Home Extension Loans 5. Home Conversion Loans 6. Land Purchase Loans 7. Stamp Duty Loans 8. Transfer Loans
Characteristics of Home Loan 1. Home loans are consumer loans 2. Home loans are long terms loans provided by various banks and nbfcs 3. There are large amount loans which provide financial support to the people 4. Home loans are secured loans 5. The borrowers get to own their dream home and pay for it in easy and affordable installments 6. Bank and financial institutions offers home loans at cost effective rates
Advantage of Home Loan 1. Appealing Interest Rates 2. Assistance in owning a home 3. No need of Guarantor 4. Door step service 5. Long Loan period 6. Free accidental death insurance
Disadvantage of Home Loan 1. Interruption of processing of home loan 2. Fluctuating Interest rate 3. Higher cost of processing 4. Obstruction in home loan disbursement
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