home loan

A home loan—also known as a mortgage—is a secured loan specifically intended for purchasing, building, or renovating residential property. The property itself serves as collateral, which enables lenders to offer lower interest rates and longer repayment periods, typically ranging from 15 to 30 years. Borrowers benefit from significant tax incentives under Indian law—like deductions on the principal amount (Section 80C) and interest paid (Section 24(b)). Home loans involve a more detailed and time-intensive approval process, including property valuation and legal assessments. Monthly mortgage payments (often known as PITI) may include principal, interest, property taxes, and insurance, depending on the structure.