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It's not always possible to buy a house with the money you have saved up. Home loans are the best options you have

A Home loan is a loan provided by a financial institution to finance the purchase/construction/renovation of a residential property. It is a much sought-after product because often people do not have the required capital to fund their purchase.

Earlier, there was little borrowing and people generally tried to avoid creating debt. Now with the situation having undergone a change, borrowing to create an asset is not only common but in many situations makes good economic sense. A house is generally considered to be an appreciating asset. This is because the price of the property is expected to rise over a period of time. This makes financing of such a purchase by borrowing a good way to own and create an asset without having all funds for the purpose. Financial planners will always advise against taking a loan for undertaking expenditure but encourage borrowing for buying a house.

Home loans are typically long-term loans, with repayment periods of up to 20 years. The house financed is mortgaged with the bank providing the loan. There is an option of fixed and floating interest rate when one goes in for a bank loan. Residential property prices India have shot up significantly so many people have no option but to bank on housing loans. A person earning Rs 5 lakh a year will aspire to own a house that costs between Rs 15lakh-Rs 20 lakh while someone with a pay packet of Rs 20 lakh a year would like to own a bigger house in a better locality that costs anything between Rs 75-80 lakh.

The ability to repay the loan over a long period makes borrowing affordable for an individual because it fits the monthly outgo within his/her income.

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