Home Loan

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What Is Home Loan ?

A home loan is a type of financing provided by banks, housing finance companies, or other financial institutions to help individuals purchase, construct, or renovate residential properties. Whether you’re buying your first home, upgrading to a larger one, or building a new house, a home loan provides the funds you need, which you repay over time with interest.

Every individual dreams of owning a home, but arranging a large sum of money can be challenging. A home loan acts as a financial support system to turn your dream of homeownership into reality. It allows you to pay for your home in manageable installments, offering long-term repayment options and attractive interest rates. It’s a smart way to invest in a secure and valuable asset while enjoying tax benefits and financial stability.

Common Uses of a Home Loan

Buying a new house or flat
Purchasing a plot for residential construction
Building a new home on owned land
Renovating or repairing an existing property
Extending or upgrading your current home
Transferring an existing home loan to another lender for better rates (balance transfer)

Home Loan Eligibility

Most financial institutions consider the following factors when approving a home loan:

Stable income source (salary or self-employment)
Good credit score (usually 700 or above)
Age of the applicant (typically between 21 to 65 years)
Proper documentation (ID proof, address proof, income proof, bank statements, etc.)
Employment stability or business continuity

FAQs on Home Loan

What is a business loan?

A home loan is a type of financial assistance provided by banks or financial institutions to help individuals buy, build, or renovate residential properties. The borrower repays the loan amount in monthly installments over a fixed tenure.

Who is eligible for a home loan?

Salaried individuals, self-employed professionals, and business owners with a stable income, good credit history, and valid documentation can apply for a home loan.

What is the typical tenure of a home loan?

Home loan tenures can range from 5 to 30 years, depending on the borrower's age, income, and repayment capacity.

How much loan can I get?

Most lenders offer up to 75%–90% of the property’s market value as a loan, depending on your eligibility and the property's cost.

What is the interest rate on a home loan?

Interest rates vary by lender and can be fixed or floating. As of now, home loan interest rates typically start around 8% per annum, but this can vary.

Can I get a home loan for renovation or extension?

Yes. Banks offer home improvement and home extension loans for renovation, remodeling, or expanding an existing property.

Can I prepay or foreclose my home loan?

Yes, most banks allow you to prepay your home loan either in part or full. Floating-rate loans usually have no prepayment penalty.

We believe that financial support should be simple, personalized, and stress-free. That’s why our team works closely with every client to understand their specific goals and challenges.

At Nial Finance, we don’t just provide loans—we build lasting relationships built on trust, clarity, and a shared vision for growth.