Advantages Of Loan And Home Loan

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Home loan is one of the most popular loans offered by banking institution and even non-banking in our country. It is usually defined as sum of money which is borrowed from a financial institution or any banks to purchase a house. Home loan offered by any bank or financial institution consist a fixed rates and payment terms. People generally take home loan for either buying a house/flat or a plot of land or with the purpose of construction of a new house or renovation, extension and repairs and of their existing house.

Often people confuse between home and loan and mortgage loan. Both the loans have certain similarities yet they are different in most aspects. A home loan is a type of mortgage as it requires mortgaging a “specific immovable property” and not any other movable asset like gold, jewellery, stocks, etc. The distinction between a mortgage loan and a home loan can be gauged from their names – a home loan essentially means a loan to purchase a home only residence while a mortgage loan can refer to a commercial property loan also.

ICICI Bank is one of the leading private sector banks in our country and offers distinct banking products and services to its customers. Among of host of loan options the bank offer to its customers, home loan is the most popular one. Getting a home loan from ICICI Bank is quick, simple and easy. The bank offers loan with flexible repayment options to its customers. Apart from this, there are several other attractive benefits and unique

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