Overview
A Home Loan is a secured loan provided by banks and financial institutions for the purpose of purchasing, constructing, renovating, or extending a residential property. It is one of the most common and structured forms of long term financing in India. The loan is secured against the property being purchased or constructed, which acts as collateral for the lender.
In India, home loans are offered to salaried individuals, self employed professionals, business owners, and even NRIs. The loan amount depends on income, repayment capacity, credit score, age, and property value. Generally, banks finance up to 75 percent to 90 percent of the property value, and the remaining amount is contributed by the borrower as margin money. Home loans usually have longer tenures ranging from 10 years to 30 years, making EMIs more affordable.
Home loans also provide significant tax benefits under the Income Tax Act, 1961. Deduction on principal repayment is available under Section 80C, and deduction on interest payment is available under Section 24(b), subject to prescribed limits. Proper documentation and legal verification of property are crucial for loan approval. Banks conduct technical and legal due diligence before sanctioning the loan.
At BizGlobal, we assist clients in securing home loans with complete documentation support and lender coordination. From eligibility assessment to sanction and disbursement, we ensure a smooth and transparent process. We help you choose the right lender, compare interest rates, and handle documentation to make your dream of owning a home stress free and financially planned.
