Own your dream home with Home Loan or Mortgage Loan or Housing Loan

by Manali G. Part Time Blogger

If you are going to take Home Loan or Mortgage Loan or Housing Loan, so it is important to have a clear understanding of the total amount that you are looking for and in how many months/years you will be able to pay back the full amount of loan.

Acquiring a house which later one becomes your home is not an easy decision and required lot of investment, time and knowledge and planning all the amenities that you are looking in your dream home. So if you want a home which not only should provide a sense of satisfaction but also and have limited finance then probably it’s time to consider Home Loan or Mortgage Loan or Housing Loan.

Purchasing and reconstruction of house in easy for people having finance backing them up and if you don’t have that back up then probably time to resort to Home loan or housing loan. Home loan is loan which is funded by the banks against putting another home or property as security. But in this case if the borrower fails to return the loaned amount then bank has the right to sell the property to retrieve their money back. Housing loan is taken by a borrower and issued in form of loan from bank against security or property.

It is important to do a complete research when looking for options for either home loan or housing loan. Different banks have different rates and policies for each of the type’s loans. When a loan is taken against property or by any real estate, it is known as mortgage loan. In this the buyer received certain funds by entering into a contract they will be returning a certain amount of amount along with certain interest amount. The mortgage loan is mostly taken by real estate developers to buy new property or develop a new project.

Interest rates for Home Loan or Mortgage Loan or Housing Loan:

If you are looking for Home Loan or Mortgage Loan or Housing Loan more than Rs 20 Lakhs then the interest rate may vary from 10.10% 11.75 % depending on the banks as well as depending on the state in which you want the property. With the increase in the number of available properties there has been a dip seen in the interest rates of maximum 6%.

But if you are a developer and want a Mortgage Loan, then again you have different interest rates. A property between Rs 30- 75 Lakhs will have the interest rate of minimum 11.25% to maximum upto 15% (depending on the bank you will be approaching).

In Home Loan or Mortgage Loan or Housing Loan, the borrower will keep on paying money along with interest until they repay the entire amount and then gets the property rights clearly. When a house is acquired through Mortgage Loan, the ownership stays with the borrower.