7 Types of Home Loans Every Home Buyer Must Know

Owning property is a dream we all cherish.  In fact, people push themselves to the limit for being in a great financial position. As it is the only way to turn the dream house into reality. Unfortunately, everyone is not so lucky to have their pockets full of money. But, this won’t mean that you are not eligible to buy home. Yes, don’t get disheartened as the Investors Clinic helps you know everything necessary to be a homeowner.

Types of Home Loan

The first thing to buy a home is money. Therefore, you must know all types of home loans available in India. Today, everything has become costlier, thus buying and maintenance of property have become difficult. Thus people have different home loan requirements. But, not many of you have the idea about the types of home loans available in the country. So, take a look at various types of home loans available in India today.

The Types of Home Loans:-

  1. Plot Loans – Vasudhaiva Kutumbakam. This phrase from Maha Upanishad means that the world is one complete family. Thus, people believe in this idea even today and prefer to live in the joint family. The families living together require huge space to occupy all the family members with their due space. This is not possible by owning apartments in the residential projects. Therefore, you must purchase residential land and build a dream house. Obviously, the construction asks for a hefty amount to make the house look amazing.  So, stop worrying and start looking to the land of your choice. As the plot loans will help you build an amazing home.

  2. Short-Term Bridge Loan – Bridge loan? Yes, now home loan comes as a support system when you plan to buy new residential property by the money they will earn from selling the existing property.  But, you may lose out the property of your choice as you wait for the selling of the existing home. So, now get ready to move into your new home even before selling of the current acreage. Apply for the short term bridge loans anywhere in the country and repay it by selling the old house at the earliest.

  3. Home Extension Loan – Home is where the world is for all. But, is your home running out of space? Yes, the home is falling small for the family as the children need their space now. As a result, you are trying to figure out the ways make the home more spacious for the family. You can surely do that by constructing some more rooms. As the banks now days are happy to lend home extension loans for this purpose. All you need to do is to visit your nearest bank with all the documents and ask for the home extension loan. This home loan will help you make the current home spacious without spending a huge amount of money.

  4. Home Loan – Those living at a rental place must now think to be a proud homeowner. This is possible by availing home loans for the purchase of a new residential property. Also, you are eligible for this home loan for purchasing a resale property. Ask your bank for more details now and grab the keys to your dream home at the earliest.

  5. Home Improvement Loan – It’s been few years you have bought a residential property. But now the place is asking for some maintenance. Definitely, the maintenance cost too much sometimes according to the family budget. But, you must not ignore the cracks. So, what to do is the next thing on your mind. Relax as the various banks offer home improvement loans to the homeowners. Apply for this type of housing loan and keep your dream home beautiful forever.

  6. Reach Loan – The people working in the unorganized sector feel the heat when it comes to owning a home. This is because not many banks are willing to lend home loans to these people due to their income and financial status. But, now the reach loan section opens the door of opportunity to buy a home for those working in an unorganized sector. Therefore, go to site visit and finalize your dream home today without worrying about home loan approval.

  7. Rural Housing Finance – This type of home loan is suitable for the farmers, agriculturist and to the people working in the horticulture department. The banks have introduced this home loan section to boost the purchasing power of the rural people. In short, the Rural Housing Finance is the simplest way to buy the residential property for those living in the rural areas of the country.

Find out the type of home loan that suits you from the above-mentioned list and get ready to step into your dream home. All these types of home loans help people live their dream of being a homeowner.