Types of Home Loan in India

People opting for home loan to buy their dream home, have become a very common trend in India. Today the market is buoyant with home loan offers made available by various financial institutions. People take right home loans for different purposes, like buying property, construction work, work or buying land. Varied alternatives are available, nowadays. Housing Financial Companies [HFCs] provide various options today to woo their customers.

Types of Home Loan in India

There are different home loans for different requirements. Below is a list of home loans available-

Home Purchase Loans are the basic loans you can opt for to buy a home. These types of loans are offered by all banks and HFCs.

Home Construction Loans are meant for construction of a new home, the formalities for this are little different from that of a normal Housing Loan.

Home Extension Loans is offered for meeting the alteration cost of an already existing building or home. Extension here means addition of an extra room to the home.

Home Conversion Loans are offered to those who want finance for the purchase of another home by converting the already existing home for which the finance is granted.

Land Purchase Loans are loans which can be availed for purchasing land for home construction or investment purpose.

Stamp Duty Loans are loans which are used to pay stamp duty in a property transaction.

Bridge Loans are loans which are offered for selling the existing home and buying another. Bridge loan assists in the finance of a new home, until a buyer is found for the old home.

Balance-Transfer Loans is the transfer of balance of an existing loan at a higher rate of interest to the same company or another.

Re- Finance Loans are availed when a loan from an organization at a particular ROI is dropping leading to a loss, you can swap your loan.

NRI Home Loans are available to Non-Resident Indians who wish to buy land or property in India.

Home Loans come with added benefits is the icing on the cake. Home Loans are available to meet your various requirements and they come with a lot of added benefits so choose the one which suits your needs.

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