People may borrow for building or buying houses. House building finance companies and other specialized financial institutions cater to such needs.Loans provided for such purposes are referred to as real estate loans, which have the following attributes:
- The are long term loans the period of which ranges from 10 to 30 years or so years.
- Rate of Interest is worked out on the basis of the period of loans.
- These loans are secured.
- The title of ownership to the property rests with the creditor/lender.
- The amount of loan is usually in hundreds of thousands.
- Loan providers are house building finance companies and other specialized finance institutions.
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