New Delhi, June 5 -- A home loan is one of the most widely used financial products in India, helping individuals buy, build, renovate or upgrade residential properties without paying the entire cost upfront. Offered by banks, housing finance companies and non-banking financial institutions, home loans are classified as secured loans because the property being financed serves as collateral until the loan is fully repaid. Before applying for a home loan, borrowers should understand the various loan options available, eligibility requirements, interest rates, tax benefits and the documentation needed.

Financial institutions offer several types of home loans to cater to different customer needs.

A home purchase loan is the most common form ...