Home is a lifetime dream for individual. This is the primary reason that there is a long list of banks and financial institutions which offer all types of home loans in India. The loans which are used for purchasing a residential property are commercial property only known as Home Purchase Loans. These can further be divided into fixed interest rate and floating interest rate loans. This type of Home Loan provided by all kinds of Banks and nbfc.
Home loan approval time takes 10 – 15 day after all required documents are provided on time to the lending bank & nbfc. Maximum home loan repayment period is 30 years.
Floating home loan rates are joined to some standard interest rate by the lender and the rates may vary depending on the standard. Fixed rate home loans offer you the opportunity to fix an amount of loan payment per month for the complete loan period.
Home loan rate of intrest range from 9% to 15%. With the tenure of the loan up to 5 year to 30 years.
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