What is a home loan?

Home loan is a secured loan that is offered against a property to be bought / already bought which could be used for personal or commercial use. The bank gives the loan on condition of having rights over the property which acts as a security against the loan. In the event of failure to pay back the loan, the bank has the right to retrieve the money by selling the property. The term ‘Home Loans’ is used in a broader sense to include various types of loans related to house property and / or land purchases and improvements / extensions.

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