Home Loan (Mortgage)

A home loan is a secured mortgage loan where the property being financed is the collateral. EMIs are paid over tenures ranging from 15 to 30 years. Interest rates can be fixed, floating, or a hybrid structure.

Popular Home Loan Types in India

• Home Purchase Loan — For buying a ready or resale home.

• Home Construction Loan — Staged disbursals for building on owned land.

• Home Renovation/Extension Loan — For repairs, upgrades, or adding space.

• Plot Loan — To finance land acquisition.

• Composite Loan — Covers plot purchase and construction in one package.

• Balance Transfer Home Loan — Switch lenders for better interest rates.

• Government-Subsidized Loans (PMAY/CLSS) — Eligible applicants can benefit from interest subsidies up to 6.5%.

• Top-Up Loan — Additional funds over and above existing loans for personal use.

• Joint Loans — EMI and tax benefits can be shared among co-borrowers.