What is a home loan?

What is a home loan? It is the capital that is offered by a bank or a Housing Finance Company to a prospective home buyer against a fixed or a floating interest rate for a specific period of time, repayable through monthly installments known as EMIs (Equated Monthly Installments). In India these are available both for resident Indians and for NRIs (Non-Resident Indians), as dictated by the Foreign Exchange Regulatory Act. What are the different types of this option available in India? Not one, but several types of loans for homes are available in India, depending on the purpose for which it is required, namely - * Home Purchase * Home Construction * Home Improvement * Home Extension * Land Purchase * Loan against Property * Home purchase specific to NRIs (Non-Resident Indians) * Refinance or Loan Transfer What is EMI and how is it calculated for the repayment of the funds? EMI is an abbreviation for Easy Monthly Installments, which is an amount that is owed to the financing institution each month, until the full amount due is paid back. It includes a part of the principal as well as the interest. It is calculated on the basis of the amount sanctioned, the interest paid and the tenure. How to determine eligibility in India? To be eligible, you must be - * Over 21 years of age * Below 65 years at the time of loan maturity * A salaried employee or self-employed What are the prevailing interest rates in the country? The prevailing interest rates in the country are 9.25%-12%, which are calculated on monthly reducing, annual reducing or daily reducing basis. How to choose the cheapest option? This is simple - while choosing you need to hold the tenure (repayment period) as constant and work out the net amount that is shelled out for the debt in varied options. The cheapest offer will automatically pop up. What is fixed interest rate and floating interest rate? A fixed interest rate remains unaltered for the full tenure, irrespective of the rates prevailing in the market, while a floating interest rate is subject to fluctuations in the market, i.e. you pay more when the rates are up and less, if the rates take a nosedive. 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