House Loan

What does it mean?

A mortgage acquired from a financial institution towards the purchase of real estate is termed as a house loan. There are custom house loan options available which are set depending on your requirements. 

House loans are granted for tenure range which is dependent on the loan amount. The financial institution which grants the loan may charge a processing fee. 

Points to remember:

  • High every month installments towards the house loan over a reduced tenure range are considered beneficial. This way you tend to pay less money as interest.
  • Since the loan acquired is a house loan, the house becomes collateral.  It can be seized by the lender if there is delay in payment.   
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