May 25, 2024

Housing loan, or home loan as it is known among the people, is a type of loan given by banks on the condition that the house to be purchased is secured. Maturity can vary between 5-30 years, mostly with a fixed interest rate. In order to apply for a home loan, you need to research the banks that offer loans after you have decided on the house you want to buy. You will need to carefully identify and apply to the banks that offer the most suitable interest rate. After your application is approved, real estate appraisers will take all necessary actions. They will determine the value of the house you want to buy with a detailed investigation. You must then make a down payment equal to a quarter of the value of the property. According to the law, home loans can be given up to 70 to 75 percent of the appraised value. You must also have a down payment for the remaining 25 percent fee. You can make your monthly payments over the maturity with the interest rate decided

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