What is Home Loan? — Meaning, Definition & Example
Definition
A home loan is a secured loan offered by banks and housing finance companies to buy, construct, or renovate a residential property. Home loans in India typically have 15-30 year tenure with interest rates starting from 8-9%. Principal repayment qualifies for Section 80C deduction and interest for Section 24(b).
A ₹50 lakh home loan at 8.5% for 20 years has an EMI of ₹43,391. You save approximately ₹3.5 lakh in tax annually through 80C (₹1.5L) and 24(b) (₹2L) deductions.
🇮🇳 Home Loan in Hindi / हिंदी में
होम लोन — होम लोन बैंकों और हाउसिंग फाइनेंस कंपनियों द्वारा आवासीय संपत्ति खरीदने, बनाने या नवीनीकरण के लिए दिया जाने वाला सिक्योर्ड लोन है।
Home Loan (Hinglish) — Home loan banks aur housing finance companies dwara residential property kharidne, banana ya renovate karne ke liye diya jaata hai. 15-30 saal ka tenure, 8-9% se interest rate shuru.