It's raining attractive home loan rates all around. Some banks and non-bank firms have also extended festive offers with equated monthly installment (EMI) holiday for 3-12 months. That is, no EMIs for the first few months, to help home buyers who may be burdened with other big charges such as down payment, stamp duty fees and registration.

In reality, the holiday is an illusion; a loan is a loan. You'll have to pay back the entire amount plus interest within stipulated time. It's only that the loans are so structured that all your EMIs get bunched up towards the remaining months, after the holiday is over.