A home loan means a sum of money borrowed from a bank or ﬁnancial institution to purchase a house or home loan consists of ﬂoating and ﬁxed interest rate and payment term. People can take a home loan for buying a house or land of the plot for construction of a house people can also take a home loan for renovation, extinction and repairs to the existing house. The property which is purchase through home loan is mortgaged to the lender as a security till the repayment of the loan. The interest rate of home loans may be ﬁxed or adjustable and sometimes it is partially ﬁxed and partially adjustable. It depends upon the needs of the borrower. There are many types of home loan available in the market people can take loan according to their suitability.