High real estate costs make it impossible for many people to purchase their dream home, but home loans make it possible by funding up to 80% of the purchase price. A home loan is a loan given to a person in order for them to purchase a home. The property is mortgaged with a bank or non-banking financial entity until the loan is repaid. The lender will keep the house's title until the loan amount is repaid in full, including interest, on time. The home loan can be used not only for the purchase of a home, but also for its construction or refurbishment. Unlike other loans where lenders levy prepayment penalties on payments made toward a home loan, floating rate home loans have no prepayment penalties. So, whenever you have extra money, you can use it to make a partial payment on your mortgage and reduce your load. In the case of a floating rate house loan, however, there will be prepayment penalties.
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