10 Types of Home Loans You Must Know
Today, for most of people, a Home Loan is an attractive and popular means of buying the dream house. In India, the demand for home loans has increased manifold in the last decade.
Lenders offer home loans not only for buying a house but for a variety of related purposes. The home loan market is filled with various home loan products which cater to different needs of individual customers.
Following are some popular types of home loans available in the Indian housing finance market:
1. Land Purchase Loan: Land Purchase Home is taken to buy a plot of land on which the borrower wished to construct the house. Under this plan, the customer may get 85 percent of the cost of the land. The purpose of availing this loan can be residential as well as investment.
2. Home Purchase Loan: This loan is the most popular and commonly available home loans. This loan can be used to fund the purchase of new residential property or an old house. It is offered either on fixed interest rates or floating interest rates.
3. Home Construction Loan: This loan can be availed by individuals who want to build a house according to their wishes. The process and approval for a home construction loan is different from other available home loans. The plot of land on which the borrower wishes to construct the house should have been bought within a year.
4. Home Expansion Loan: This loan is useful in situations when people want to expand their existing house. It may include alteration in the current structure of residence to add extra space such as constructing a new room, a floor, a bigger bathroom or enclosing a balcony.
5. Home Improvements Loans: This loan is availed by individuals who own a house but do not have the funds to renovate it. It can be availed fro all kinds of renovations and repairs like internal or external painting, electrical work, water proofing etc.
6. Home Conversion Loan: The individuals who already purchased a house by taking a home loan but now ant to buy and move to another house can avail a home conversion loan. This loan offer funds to buy the new house by transferring the loan.
7. NRI Home Loans: This loan is designed for people who live out of India but want to buy a residential property in India. These are meant for NRIs.
8. Balance Transfer Loans: This loan can be availed when a person wants to transfer a loan from bank to another bank.
9. Stamp Duty Loan: This loan is offered to pay the stamp off duty charges on the purchase of property.
10. Bridged Loans: This loan is meant for the people who already own a residential property but are planning to buy a new house. It helps people to fund the purchase of a new house.
Choose your home loan from these different types of home loans and apply on Dialabank to avail best offers.
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