If you buy a house through a bank, the bank will carry out a thorough legal inspection of the property and check that all the documents presented are valid.
The main benefit of a home loan is the income tax deduction you can claim on interest and principal repayments.
Long Repayment Time
Unlike other loans, home loans have a longer repayment term of up to 25-30 years. This is because of the significant amount of credit you need to take out to buy a home.
Low Interest Rates
Home Loans interest rates are much lower than the other types of loans available. If you encounter a cash crisis, you may get a replenishment of your existing mortgage at a lower interest rate than your personal loan to solve the problem.