Key features of a housing loan:

• Loan amount: The amount you can borrow depends on your income, credit score, and the property's value.
• Interest rate: This is the cost of borrowing money. It can be fixed or variable, and it affects your monthly payments.
• Loan tenure: This is the length of time you have to repay the loan. It can range from 5 to 30 years.
• Repayment terms: You can choose to repay the loan in equal monthly installments (EMIs) or through other repayment schedules.
• Processing fees: These are charges levied by the lender to process your loan application.
• Prepayment charges: These are penalties imposed if you repay the loan before the end of the agreed-upon tenure.
• Eligibility criteria: To be eligible for a housing loan, you generally need to be a salaried or self-employed individual with a regular income, have a good credit score, and meet the age requirements set by the lender.

How to choose the right housing loan:

• Compare interest rates: Different lenders offer different interest rates. Compare rates from multiple lenders to find the best deal.
• Consider loan tenure: A longer loan tenure can result in lower monthly payments but higher overall interest costs. Choose a tenure that suits your financial situation.
• Check processing fees: Compare the processing fees charged by different lenders. Some lenders may offer lower interest rates but charge higher processing fees.
• Read the terms and conditions: Carefully read the terms and conditions of the loan agreement to understand the repayment terms, prepayment charges, and other clauses.

Types of housing loans:

• Home purchase loan: Used to purchase a ready-to-move-in property.
• Home construction loan: Used to construct a new home on a plot of land.
• Home improvement loan: Used to renovate or extend an existing home.
• Home extension loan: Used to add additional rooms or space to an existing home.