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Home Loan

A home loan can help you purchase or renovate your property, with flexible repayment options tailored to your financial needs.

What is a Home Loan?

A home loan is a type of financing that allows you to purchase or refinance a home. It is secured by the property itself and is typically repaid over a period of 15 to 30 years. Depending on the type of home loan, the interest rates, repayment terms, and loan amounts can vary significantly.

Key Takeaways

  • Home loans can be used for purchasing or refinancing a property.
  • Available from banks, credit unions, and mortgage lenders.
  • Secured by the property being purchased or refinanced.
  • Fixed or adjustable interest rates, depending on the loan type.

How a Home Loan Works

A home loan is typically structured with monthly repayments, which include both principal and interest. Common features of home loans include:

  • Purchasing a new home
  • Home renovation or improvement projects
  • Long-term financing with flexible repayment periods
  • Option to refinance existing home loans for better terms

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