The home loans are usually charged interest rates of 6-9% per annum to the borrower. However, some lenders may charge interest rates higher than 9% per annum. The loans thus availed are available for a tenure of 30 years maximum, while the actual eligibility of the loan’s tenure may vary according to the borrower’s age. The interest rates on home loans are on a continuous decline due to a fall in the RBI repo rate. The bank charges a penalty to the borrower on the installments if the payment is…
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