High real estate prices make it difficult for many to buy their dream home but home loan it easy by funding up to 80% of the cost of the property. Home loan is a loan that is extended to an individual to buy a house. The property is mortgaged with the bank or non-banking financial institution till the repayment of the loan. The lender will hold the tittle deed of the house till the housing loan amount is repaid in full along with the due interest in time. The home loan can not only be taken for the purchase of the property but also the construction or renovation of the house. Unlike other loans where lenders charge prepayment penalties on payment made towards home loan , there are no prepayment penalties on floating rate home loans . So, whenever you have surplus money, you can utilize it for making part payment towards your home loan and lower your burden. However, there will be prepayment charges in case of floating rate home loan.
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