Banking · Housing Finance
What is the key stipulation attached to home loan usage as per banking norms?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Borrowers can only use loans if they own a single residential property
- 2Loan funds must be deposited into savings accounts before usage
- 3Funds can only be used for residential purposes and not for commercial exploitation✓
- 4Loan proceeds must be invested in commercial real estate for higher returns
Correct answer
Funds can only be used for residential purposes and not for commercial exploitation
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