Home mortgages are a method of using property as security for the payment of debt. Home mortgage loan is lending the money using the legal document of the property for specific interest rate, usually the loan lender are bank, private agency and financial company.
Home mortgage can be used for refinancing the home, constructing a new home, purchasing the home or restructuring the home. When the debt is repaid the document submitted, as security will return to the loan borrower.
Housing finance industry in India is growing at a fast rate but still of the total housing investment in India, financing through the organized sector continues to account only for 25% (Source: LIC Housing finance).
The top players in this industry are housing finance companies, commercial (local as well as foreign) banks, cooperative banks and other non-banking financial companies (NBFCs).It is believed that commercial banks are set to take the major portion in next years. Currently HDFC (Housing Development Finance Corporation) is the market leader and after it SBI (State Bank of India) stands. Other companies who have significant share apart from HDFC and SBI are ICICI (The Industrial Credit and Investment Corporation of India) and LIC (Life Insurance Corporation).
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