About Home Loan and how does it work
When applying for a home loan, most lenders expect you to pay several fees and charges in addition to the home loan interest rate. So, before you apply, speak to your lender about what these charges are. Typically, you have to pay a processing fee, foreclosure charge, prepayment charges, EMI bounce penalty, and more.
As per the scheme formulated by National Housing Bank (NHB), the maximum period of the loan period is 15 years. The residual life of the property should be at least 20 years. Where the borrower lives longer than 15 years, periodic payments will not be made by lender.