A Home Loan is a loan taken for the purpose of purchasing a residential property.
Following are some of its features-
1. Home Loan is granted against the mortgage of the property to be purchased.
2. Maximum Tenure for a home loan is 20 years (Some Banks offer Home Loans for a period of 30 years also)
3. Maximum amount that can be granted as a home loan is 75% to 90% of property cost