Q. What are the different types of home loan available ?
The following range of home loan available -,
Home - Purchase Loan - For the purchase of a new house.
Home Improvement Loan- The renovation of the house, already purchased.
Home- Construction Loan- For constructing a new house.
Home -Extension Loan- For expanding an existing house.
Land -Purchase Loan- Purchase of land for house construction, investment purpose, few extra finances, critically required.
Balance- Transfer Loan- It helps the person to pay-off the current home loan and utilize an alternative loan with a lower interest rate.
Bridge- Loan- The people willing to sell the existing house and purchase another one, this loan help to fund the new house, till the time the person do not get a buyer for the current one.
Refinance- Loan-The loan helps the person to reimburse the debt incurred from concealed source such as- relatives/friends, for the house already purchased.
Stamp -Duty Loan- The loan sanctioned, to pay the stamp-duty amount, needed to paid at the time of purchase of the property.
Loan to NRIs- EMI is payable till the loan, repaid in full. The loan is for NRI’s, to construct/buy a house in India. The principal alongside the rate of interest charged.
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