For millions of tenant Indians, owning a house is the loftiest and perhaps most difficult of a dream. But not any more! The home loan scenario in the country is bright enough to throw enough sparks into any disappointing eye to make it a richly-hued experience. Apart from giving a best shot to your housing aspirations, these borrowings will save you a lot from the tax authorities. On a brighter note, with the concept of sub-prime mortgage, the home loan scenario has reached a newer scale of popularity. A sub-prime mortgage is that borrowing which is availed by the bad credit holders against the security of their housing properties. Even though such sub-prime borrowers are charged a bit higher rate of interest, still these sub-prime financial packages are cheaper than the other forms of unsecured loans. One can avail these borrowings for construction or purchase of a flat or house. It also includes purchasing a plot of land for the same purpose. To add to their multi-functionality aspect, such finances can be used for making alteration, renovation, extension and repair to the already existing house or flat. As part of the project costs, you can even go for buying consumer durables and furnishings. All residential Indians, NRIs and PIOs having a regular source of income can avail these loan facilities. Self-employed individuals must have at lest three years experience in the field. Minimum age of the borrower has to be 21 years. Also the repayment period of the home loan can not go beyond the loan taker's age of 65 years. As far as the interest rates are concerned, one can avail various types of schemes like fixed interest rate having the reset clause, mixed interest rate, floating rate, 'pure' fixed rate and 'transparent' floating rate. Since the rate of interest varies from lender to lender, to avail the best loan plan the home loan taker ought to compare the online loan quotes freely provided by various financial institutions.