According to the lending institution, any Indian resident who is over 21 years of age at the beginning of the loan and below 65 at its maturity can avail of the loan

These are loans you have access to depending on whether you want to buy or build a house and can also be used to repair or extend an existing house.

Taking a loan seems like a good option when the money at hand is insufficient to buy the house of your dreams. Consider couples in their twenties and thirties. They enjoy a good income currently, but their accumulated capital isn't enough to purchase a house. Whereas a home loan can give them access to capital against their current earnings. Also, if you take a 10-year-old loan when you are thirty, you could repay it by the time you're forty. So you don't have to be burdened with the interest and are free to plan your retirement savings.

Loan sanctions depend on your repayment capacity - which is based on your current income and your future repayment capacity. You could include your spouse's income to enhance the loan amount. The maximum loan that can be sanctioned varies with each bank/institution and ranges from Rs.10 lakhs to Rs.1 crore.

A home loan is very different from a personal loan like a car loan for instance. You utilize a home loan for financing an asset that will hold its value and even appreciate over the period of the loan. Though its price could fluctuate in the short term, Real Estate will show capital appreciation over the years.

The value of your house generally appreciates while the loan remains constant. If you had opted to wait, save up and buy a house, it would, in the long run cost you much more. Home loans also come with many tax benefits. There are also More Factors to Consider other than these. Do check them out.