Building up a home is a dream of everyone. In fact people see dreams of owning home of their own choice but every body cannot afford to own a home of their own choice. But now money is not at all a barrier of owning a dream home because all the government and non government banks offer home loans. The finance is now available at an affordable rate so that the borrower can realize the dream of owning a home of their own. The determinants of cheap home loan rates are the size of the loan, credit history, past history of loans, size of collateral, duration and the type of the home loan. So based on these factors the lending company decides the cheapest loan rates.

To avail these loans it is required to provide with sufficient evidence of your credit history. This might include people who have defaulted in the past or have a bad credit history. It is quite a tough task for those people with variable income or temporary jobs to be able to avail the finance and also for the self employed people who did not have large income in previous years may be facing a difficulty. The housing needs and requirements of the borrower undergo a change with the change in his age. The affordability of property is number one in the mind of a young man who has recently embarked on a career. Where as, the persons close to their retirement may decide to sell off their property in the city and save money for their emergencies and relocate themselves to their roots or to a lesser expensive area.

Home loans are now available at an affordable rate; these loans are of two types i.e. There are people who come across considerable difficulties to get secured home loans or unsecured home loans sanctioned. But this can be sorted out by furnishing the entire required document as a proof.