Home Loan

Home Loan

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Saanvi Construction and Financial Services is committed to helping you find the right home loan for your needs

A home is usually the single most expensive purchase that a person will ever make. Few people, however, have enough money to pay for a home in its entirety up-front. Instead, most choose to take out a home loan, which is also called a mortgage. This entails borrowing money from a financial institution (such as a bank) to buy the house and then spreading out the repayment of the loan over a long period of time. That period is often 30 years. The lender also charges the borrower a fee called interest, which is a certain percentage of the amount of the loan.

A borrower repays a home loan on a monthly basis. Usually the payment is the same amount each month for the life of the loan. The amount of the payment is determined by several factors: the amount of the loan, the term (time span) of the loan.