New Delhi: In a very real way, the home loan is the driving force behind the Indian residential real estate market. Without a home loan, a large portion of the Indian population would be forced to live in rental houses. Because of this facility, one can be a proud home owner without having to have enormous amounts of ready cash. Since they play an extremely vital role in sustaining the real estate market, it is not only home buyers who depend on home loans, but developers as well.
To clear up a common misconception – home loans are not available only for the purchase of a house. One can avail of such financing to buy land and to construct on it, and also to renovate an existing property. Of course, there are lending norms attached to the granting of a home loan.