A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. The property can be an under-construction property, a ready-built purchase from the builder/developer, the purchase of a resale property, the construction of a house on a plot, the extension of an existing house, the repair/renovation of an existing flat/house, or the transfer of your existing home loan from another bank or financial institution.
The home loan is repaid through EMIs. After repayment, the property's title is transferred back to the borrower.
