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How a Home Loan Works
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2) A lender (bank/financial institution) gives you most of the purchase money.
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3) You pay a down payment (your contribution)
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4) You repay the loan in monthly installments (EMIs) over an agreed period (e.g., 10–30 years).
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5) The property itself is used as collateral. If you fail to repay, the lender can legally take and sell the property.
Key Components
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1
Principal
The amount you borrow
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2
Interest
The cost of borrowing the money
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3
Loan Term
How long you’ll repay (e.g., 20 years)
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4
EMI (Equated Monthly Installment)
Your fixed monthly payment
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5
Down Payment
The upfront amount you pay (usually 10–30%)
Types of Home Loans
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Fixed-rate loan
Interest stays the same throughout the term
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Variable/Floating-rate loan
Interest can change over time
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Home equity loan
Borrowing against the value of your existing home
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