Choosing the Right Home Loan for Your First Home
Types of mortgages can feel confusing when you are buying your first home. Many first time buyers focus only on the property and forget how important the home loan decision is. A home loan stays with you for many years, so it is important to understand your options clearly. This blog explains common home loan choices in India in a very simple way, so you can make a confident decision. Understanding what a mortgage is A mortgage is a loan taken to buy a house or flat. Banks and financial institutions provide this loan. You repay the amount in monthly installments. Interest is added to the loan amount. Until the full loan is repaid, the property remains with the lender as security. After repayment, the home fully belongs to you. Why choosing the right mortgage is important Home loans usually last for a long time. Most buyers repay them over twenty or even thirty years. A small change in interest rate can make a big difference in the total amount you pay. The right mortgage helps you mana...