A home loan or a housing loan is simply the amount borrowed by individuals from a financial institution or bank, for purchasing residential property, or to construct or repair a house. Lenders provide the loan for a fixed time period and charge interest on the amount borrowed, that has to be paid back along with the principal. These are secured advances and the property that is being purchased, functions as collateral against the loan. The amounts sanctioned towards home loans are usually huge and the tenure is long, while the repayment of home loans is done in equal monthly installments.
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Documents Required For Home Loans
Home Loan Eligibility Criteria:
Home loans are secured loans and therefore the eligibility criteria of these loans differ across banks. However, there are some basic eligibility criteria that are required to get a home loan.
SEE ALSO: Important Facts On Home Loans
The following are a few factors on which the sanctioned loan amount depends:
Agreement value of the property to be purchased: a sale deed is executed equivalent to the total sale agreement and construction agreement value. It serves as a proof of purchase.
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