Home loan is generally taken either to buy flat/house, construction of house or renovation
Eligibility generally depend on repayment capacity and property price
Generally builders sell projects under time linked plans (TLP), construction linked plan (CLP), subvention schemes. Most banks fund projects only under CLP. Some housing finance companies fund projects under TLP and subvention schemes as well
Home loans are usually sanctioned for maximum long tenure of 30 years
It is observed that the average period people take to pay off their home mortgage fully is around 8 years
