A nice spacious house is a dream of every man and every woman always loves to decorate her own home with her own hands so when it comes to marriage every man rush to buy a house and most of the time a home loan helps a lot.
It is always a relief for a man to have its own house. Not only it is a security for his retired life but also is a major investment. That is the reason even the people who already have their own house tend to buy more. People are investing in the same in a big number as the industry is booming day by day by leaps and bounds. Yes! There are people who are too lucky to get huge bungalows from there decedents as a patrimony, but most of us has to buy it by our own. And there is no body on this earth who will be satisfied from his life until he has bought his own house. A home with rooms spacious enough where one can rest after back from work and where one can enjoy weekends with his family, is all we want in our life. If you are one who got a really grand income or if you have suddenly won a jackpot than only you will go for cash down payment otherwise most of the buyers pick the home loans to buy it.
You can get home loan for three kind of property. First if you own a plot and are planning to build a house on it you can get a construction loan on it. Second if you are buying some house, you are eligible to get a home loan and third if some construction unit is selling flats, then also you can apply for a home loan to buy those flats. The time for repayment, the EMI and the loan amount would be decided by the banks on the various factors like your income, your repayment tract records, the cost of the property that you are going to purchase etc. At the same time for longer tenure loans the eligibility for loan also increases for the same income. Even NRIs are investing on property in India by takingloans in india these days.