Housing finance very much responsible for real estate boom

The Real estate sector in the country has set milestones the way it has evolved and developed, but it would not be fair to sideline the contribution that home loan and housing finance has made.

The property rates have soared in past few years and it is becoming increasingly difficult for the people to own a property entirely through their own funds that is where home loans acts as a bridge between the buyers and the developers; not only a common man but the developers are also very much dependent on the banks and the Housing Finance Companies (HFCs) to finance their projects.

With the growth of real estate sector the competition in the housing finance sector has also increase, a lot of new HFCs have surfaced during past few years resulting in more options of lenders and lending schemes for a borrower.

It is now not a very difficult task to borrow a home loan provided that a borrower meets the prerequisites set by the lender and has a good credit history as the lenders follow stern procedure while sanctioning loan.

Along with the home loan, home insurance has also gained much popularity; as a home is a long term asset and home insurance ensures protection from all kind of damages. Still home insurance is in early stages but it is definitely gaining popularity.