A housing loan is a secured loan product where the lender provides finances to the borrower for the purchase or construction of a commercial or residential property. One can " Secure a Home Loan " to buy a piece of land and to construct on it. This loan is also issued to extend or renovate the property. The borrower secure this loan against the property or security to be bought. This is done by giving the lender a ownership over property till the borrower does not pay it back. Home loans are provided up to maximum of 80% of the value of the home. They are repaid using equated monthly instalments spread over a fixed tenure at comparable rates of interest. Most of the lenders provide loan on their estimated value so it is important to remember that their valuation is significantly lower than the actual cost and hence the requirements of customers goes on.