A home loan is probably the biggest loan that one takes. Not only in terms of the loan amount, but also tenures, which can be 15 years or more. The total final amount that one pays can be double of what was borrowed. But a home loan is among the cheapest loans available, and usually it is the only way a person can buy a house.
A home loan is called a ‘good’ loan because it helps you acquire a tangible asset that can appreciate over the long term. It makes sense to buy a house if you plan to live in it. This is also the reason, apart from the fact that many housing projects in India continue to be delayed by many years, why financial advisers say that one should buy a ready-to-move-in house.
Here’s a look at the latest home loan interest rates of some leading banks: