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Home Loan

This is the time you can build your dream home by taking a home loan. A home loan is normally a long term loan that a person borrows lending organization like Banks,NBFC’s,etc. The property is taken as a security by the lending organization for the Home loan. The property should be in Residential nature. 

In the market, there are several types of home loans available, but each home loan is defined by its own main factors. But the usual factors are:
The Principal

The Principal

It is the amount of money you're borrowing from the lender. Generally, this principal amount is calculated as the purchase price minus the down payment, minus closing costs and other related fees.

The Term

The Term

The duration for how long you have to repay for the entire loan amount. The entire term of a home loan can range in between 5 to 30 years.

The Interest Rate

The Interest Rate

The annual amount you have to pay the lender, it is shown as a percentage of the current principal balance.

Different Types of Home Loans are Offered by the Lenders

Home loans are designed in such a way that can be suitable for a variety of borrower needs and budgets. So, it can come in different forms. Here we are representing three of the most common types of home loans.

  1. Purchase Of Home
  2. Construction Of Home
  3. Purchase Of Plot and Construction

Fixed-Rate Mortgages

Home loans are designed in such a way that can be suitable for a variety of borrower needs and budgets. So, it can come in different forms. Here we are representing three of the most common types of home loans.

Adjustable-Rate Mortgages (ARMs)

Adjustable-rate mortgages (ARMs) are having a  static interest rate or variable interest rates that can move up or down over the term, unlike a fixed-rate mortgage.  The buyers having smaller budgets can get one-year ARMs with an affordable introductory interest rate for the first year. Then the interest rate can increase in the following years according to the market interest rates. 

Hybrid, Adjustable-Rate Mortgages

This type of mortgage is a cross between a fixed-rate mortgage and ARMs.  The hybrid mortgage provides a fixed rate for a short period (usually less than 10 years) and then allows the interest rate to adjust just like an ARM loan would. Normally, hybrid mortgages offer interest rates that are less than fixed-rate mortgages and more than ARMs.