Owning a house is dream of everyone but everyone can’t buy a house on straight cash payment, for such persons the facility of home loans was started. Today almost everyone in the medium income group buy a house through home loans. It is also very convenient as you can get your home and can pay for it in easy instalments. Today almost every government, semi government or private bank provides home loans to the eligible customers. The best aspect of the home loan is that you don’t have to provide collateral against the loan to the bank as the property you are buying is itself the collateral for the loan. The government of India is also very supportive towards the home loans as the interest rate on home loans is always lower in comparison to the other loans and also there are rebates in income tax for the people having home loans. The home loan amount can be up to 85% of the total value of the house you want to buy and the rest of the amount will be paid by you as down payment for the house. The percentage of loan and percentage of interest paid on loan depends on various factors such as your income status that is type of your income and amount of your income and the location and type of house you want to take loan for. Generally, the property that is in the government approved projects and locations attract easy and cheaper loan whereas if the property is in non-government approved areas you may not even get the loan. The repayment period provided for the home loans can be from 1 year to 20 years depending on your choice and the amount of loan. Also, the first-time customers with good credential are given priority for the home loan by the banks along with some great perks for them as they are considered to be safer by the banks.