To buy a residential property, home loans are one of the best solutions available for a home buyer. Home loans are secured loans that are offered by banks, NBFCs, and other financial institutions. Home loans can be availed for ready-to-move-in houses, under-construction property, repairing, and renovation among others. However, the interest rates on home loans vary from lender to lender. They generally have tenure from 10 years to 30 years. Home buyers can repay their dues as Equated Monthly Installments (EMIs). Notably, lenders also offer the option of prepayment which means a borrower pays a sum of their dues above the EMI amount ahead of the scheduled time.