Home Loan provides a lump-sum amount to purchase a property you desired and this lump-sum amount will be repayable with interest. Home loan is provided to purchase a house/flat, construction of house on a plot of land or for renovation of the existing house. In the home loan 80%-90% of the property value is financed by the lender and rest of the 10%-20% is a down payment born by the borrower.
Eligibility for the loan is checked by the income of the borrower & by the value of the property according to market rate.